One percent of bitcoins in circulation are currently converting to BTC tokens (WBTC), equivalent to approximately $ 6.2 billion BTC.
The achievement was acknowledged by BitGo Product Manager Kia Mussiri, who tweeted the news on June 7, 2019.
According to Etherscan, there are currently 187,610 bitcoins in the protocol, which corresponds to a completely diluted market value of 6.18 billion dollars. According to CoinGecko, the current amount of BTC in circulation is approximately 18.73 million, which confirms the 1% mark.
BTConEthereum estimates that there are 240,620 bitcoins tokenized through various protocols for use on Ethereum, for a total capitalization of $ 7.91 billion. Encapsulated Bitcoin clearly dominates this sector and accounts for 78% of all Bitcoin tokens in Ethereum.
Other leading Bitcoin token protocols include Huobi BTC in second place with 37,906 BTC or 15.7% of the Bitcoin supply, and RenBTC in third place with 10,226 BTC tokens. Synthetic BTC also has 1471 BTC, followed by imBTC with 1169 BTC and TBTC with 916 BTC.
The recent proliferation of crops and Ethereum-based DeFi interest protocols that support the BTC token have been a major driver of the sector’s growth.
At the end of April, the Ethereum-based BTC protocol BadgerDAO joined forces with RenVM to launch a bridge between renBTC and its agricultural use. DeFi Llama estimates that there are over $ 540 million in assets locked on the BadgerDAO platform.