{"id":84554,"date":"2020-10-08T08:01:04","date_gmt":"2020-10-08T05:01:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/wrapped-bitcoin-tops-1b-after-900-increase-in-two-months\/"},"modified":"2020-10-08T08:01:04","modified_gmt":"2020-10-08T05:01:04","slug":"wrapped-bitcoin-tops-1b-after-900-increase-in-two-months","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/wrapped-bitcoin-tops-1b-after-900-increase-in-two-months\/","title":{"rendered":"# Wrapped Bitcoin tops $1B after 900% increase in two months"},"content":{"rendered":"

“# Wrapp<\/a>ed Bitcoin tops $1B after 900% increase in two months <\/strong>”<\/p>\n

The recent DeFi bull-cycle has pushed the total value locked (TVL) of popular Bitcoin (BTC) tokenization protocol Wrapped BTC (WBTC) up by 900% to surpass $1 billion.<\/p>\n

The milestone comes four weeks after the TVL of all Bitcoin tokenized on Ethereum (ETH) surpassed $1 billion for the first time . The current TVL of tokenized Bitcoin is nearly $1.5 billion, of which WBTC currently represents one-third.<\/p>\n

Wrapped Bitcoin is now the fifth-largest DeFi protocol in terms of TVL, representing nearly 10% of the entire sector\u2019s locked capital. WBTC\u2019s TVL pushed above $100 million for the first time around July 8.<\/p>\n

Wrapped Bitcoin 12-month TVL chart: DeFi Pulse<\/a><\/figcaption><\/figure>\n

Wrapped Bitcoin lets users lock up BTC in exchange for WBTC \u2014 an ERC-20 token pegged to Bitcoin \u2014 which allows BTC holders to access the diverse Ethereum-powered decentralized finance (DeFi) ecosystem using it as collateral.<\/p>\n

In the first half of 2020, WBTC\u2019s TVL grew from $4 million to $36 million, demonstrating the extreme surge in demand for DeFi during the third quarter.<\/p>\n

The DeFi bubble has also benefited other Bitcoin tokenization protocols, with Ren\u2019s (REN) VM locking up more than $300 million worth of BTC since launching at the end of May. <\/p>\n

RenVM lifetime TVL chart: DeFi Pulse<\/a><\/figcaption><\/figure>\n

The price of REN has increased by roughly 180% over the same period, with the token bouncing 14% over the past 24 hours after listing on Coinbase.<\/p>\n

Not all tokenization protocols have enjoyed sustained success, with PieDAO\u2019s TVL recently retracing to May\u2019s sub-$1 million levels after briefly spiking in July.<\/p>\n

The A16z-backed Keep Network has also missed out on the spoils of the recent DeFi frenzy, with the embattled tBTC protocol coming under fire recently for liquidating<\/a> Ether belonging to all users in a group who see a single signer go offline.<\/p>\n<\/div>\n