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Wrapped Bitcoin exhibits a meteoric rise of 900%

Cryptocurrency

Wrapped Bitcoin saw its value increase by more than 900% in the space of two months

Last month, for the first time, the total blocked value of all Bitcoins tokenized on the ETH network surpassed the billion dollar mark. This was followed by the most recent achievement of Wrapped Bitcoin – the ERC-20 which is supported by 1: 1 bitcoins and provides liquidity for the Ethereum network.

In the past two months, about $ 900 million in Bitcoin has been converted into a token using Wrapped Bitcoin (WBTC). This bullish run resulted in the total blocked value of Wrapped Bitcoin shooting 900% to reach the $ 1 billion mark. The total value of Wrapped Bitcoin also reached $ 100 million in early July.

Total blocked amount (USD) in WBTC. Source: DeFi Pulse

Currently, the total value of the tokenized bitcoin is in the $ 1.5 billion range, and Wrapped Bitcoin occupies about a third of that value. In terms of total blocked value, Wrapped Bitcoin moved to fifth place on the list of the largest DeFi protocols. It currently constitutes almost 10% of the sector’s blocked capital.

The growth in the total blocked value of Wrapped Bitcoin between January and July highlights the overwhelming increase in demand for DeFi in recent months. In the first six months of the year, the figure went from about $ 4 million to $ 36 million. In the third quarter of the year, however, the increase in the total blocked value was meteoric.

In addition to the WBTC, DeFi’s enthusiasm also impacted other BTC tokenization protocols, including REN VM. The total amount blocked on Ren’s VM soared to over $ 300 million this month, from $ 40 million in early August.

The total blocked value of PieDAO decreased in the same period. It reached its highest level in mid-July, reaching almost $ 5 million, but since then it has shown a general downward trend, with a brief increase in early August. Currently, its TVL is at $ 1 million, moving away from the less than $ 1 million period between mid-August and early October.

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