At the time of publishing, for projects that have released wrapped or synthetic BTC tokens, there is a large amount of bitcoin locked into the Ethereum network. There are 141,231 BTC being leveraged amongst seven separate projects on Ethereum right now. The biggest of it all is the Wrapped Bitcoin (WBTC) project, which is an ERC20 token, but the BTC is owned by the firm Bitgo in a custodial manner. The WBTC project commands a whopping 115,411 BTC at press time, which is worth $2.6 billion using the latest exchange rates.
According to Dune Analytics info, the six projects below BTC collectively kept 28,151 BTC ($677.7M). Projects like renbtc (17,122), hbtc (6,010), tbtc, sbtc, imbtc, and pbtc. It will be much cheaper to pass a wrapped or synthetic bitcoin as the actual median transfer cost on the Ethereum network today is $0.54 per transaction. The next block fee is $7.68 per transaction for the BTC network and the latest median fee for BTC today is $3.71.
As news.bitcoin.com reported, Ethereum leveraged a lot of wrapped or synthetic bitcoin tokens on decentralized exchanges and lending sites that produce high interest. ETH-based dex programs such as Uniswap and 0x have seen $5.5 billion in swaps over the last seven days and $579 million in trades over the last 24 hours.
In terms of the share of loans for the top ten ERC20 assets, WBTC is the sixth-largest token. There is approximately $45 million worth of WBTC on loan today in terms of outstanding loans per asset. As tokenized BTC reserves owned on ETH reached $1 billion notionally at the end of September, it didn’t take long for the Ethereum network to raise a lot more bitcoin. Of course, the value kept has led to the price of bitcoin (BTC) jumping 129 percent over the last three months.
Despite the critics, Ethereum is definitely the largest sidechain of Bitcoin as competitors are not yet close to 141,231 BTC on the ETH chain being leveraged.