Wrapped competitor, renBTC, has made massive gains over the past week as the project’s token’s price, and the total amount of Bitcoin tokenized using the protocol surges.
Ren is in second place behind Wrapped Bitcoin, or wBTC, which is currently the most popular method of tokenizing Bitcoin for use with DeFi protocols. According to btconethereum.com there is currently just over 29,000 wBTC on , with renBTC accounting for around 9.5K currently, after topping 10K on August 17.
As DeFi continues to gain in popularity, more investors are looking to use their BTC holdings to access yield farming opportunities. In total 44,000 BTC — or more than half a billion dollars worth — now lives on the Ethereum network.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.