Number of Wrapped Bitcoin has doubled. Here’s why

In a few short weeks, WBTC has shown all it needed was a viable use case to attract more attention than had ever been seen before.

The number of Wrapped Bitcoin (WBTC) has more than doubled since the cross-chain currency was added as a collateral option on the Maker protocol.

The inflows show there’s been a massive renewal of interest in WBTC, and in unlocking the growing liquidity trapped on the Bitcoin chain.

Reports are that total Bitcoin locked rose from about 1,000 to nearly 2,300 since the Maker proposal was passed, with more Bitcoin locked in under two weeks than all that were locked since the WBTC launched in January 2019. The total value locked reached an all-time high of $22.45 million on 14 May.

WBTC represents one of a number of different approaches to transferring Bitcoins onto the Ethereum blockchain. The WBTC platform, which requires trusted third parties to facilitate the transfer between blockchains, is a collaborative project between Maker, Compound, Kyber and other major DeFi players.

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Cult Today

Cult Today

CULT is a collective for NFT lovers. We are passionate NFT hoarders, we love minting our own collections and we are always on the lookout for collaborations. Most of our work can be found on StakeCube Marketplace

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