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How Many Bitcoins (BTC) Exist on Ethereum? Major Milestone Surpassed

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Tue, 06/08/2021 - 12:18
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Vladislav Sopov
There are many synthetic "Bitcoins" on programmatic blockchains - mostly on Ethereum. Here's how many BTC are "at work"
How Many Bitcoins (BTC) Exist on Ethereum? Major Milestone Surpassed
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The "tokenization" of Bitcoins (BTC) is accelerating as it brings more synthetic Bitcoins (BTC) into decentralized financial protocols (DeFis). How many Bitcoins (BTC) are on Ethereum (ETH)?

240,000 Bitcoins (BTC) are "minted" on Ethereum. One year ago we had 7,200 BTC on ETH

According to statistics provided by DeFi Pulse data aggregator on decentralized financial protocols, more than 240 thousand Bitcoins (BTC) are tokenized on Ethereum (ETH).

More than 1.1 % of Bitcoin supply exist on Ethereum (ETH)
Image via DeFi Pulse

Thus, more than 1.1 percent of Bitcoin's (BTC) value in existence, and counting, is active on Ethereum (ETH). Today, June 8, 2021, in the early morning hours, this indicator briefly touched 241,500 Bitcoins (BTC).

For the first time, this metric went meteoric amidst the 2020 "DeFi summer." In the three months of Q3, 2020, the total number of Bitcoins (BTC) on Ethereum spiked 12x.

On Sept. 29, 2020, the total value of WBTC broke into 10-digit waters for the first time ever.

Related
Wrapped Bitcoin Surpasses $1,000,000,000 as DeFi Protocols Reach $11,000,000,000 in Locked Value

During the entire period of the massive adoption of this solution (minting Bitcoin-pegged assets on the Ethereum [ETH] network), its segment has been whale-dominated: three protocols are responsible for more than 95 percent of these assets.

Wrapped Bitcoin (WBTC) retains leadership position

A total of 187,600 Bitcoins (BTC) are tokenized within the Wrapped Bitcoin (WBTC) protocol. Meanwhile, 37,900 HBTC have been minted by the Huobi crypto ecosystem, and the renBTC protocol is responsible for 1,200 Bitcoins (BTC).

Therefore, centralized solutions are leading the way here. The most popular decentralized solution, tBTC, issued "only" 916 Bitcoin-pegged assets.

Related
Wrapped EOS Goes Live on Ethereum (ETH) Blockchain

As covered by U.Today previously, wrapped assets also exist on the Ethereum (ETH) network. Namely, the pNetwork team issued pEOS tokens on the second blockchain.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)