Wrapped Bitcoin Inflows Stall as Ethereum DeFi Use Down: Report
A bearish crypto market and falling use of DeFi have corresponded with a lack of new Bitcoin flowing into Ethereum, according to data from CoinMetrics.
Jump start your portfolio with free crypto after you sign up. Terms apply.
Wrapped Bitcoin (WBTC) is an Ethereum token that is intended to represent Bitcoin (BTC) on the Ethereum blockchain. It is not Bitcoin, but rather a separate ERC-20 token that’s designed to track Bitcoin’s value. WBTC was created to allow Bitcoin holders to participate in decentralized finance (“DeFi”) apps that are popular on Ethereum. Through a WBTC partner, 1 Bitcoin can be exchanged for 1 Wrapped Bitcoin, and vice-versa. The BTC that backs WBTC is verifiable through a “proof of reserve” system that verifies the 1:1 backing between minted WBTC tokens and Bitcoin stored by custodians. WBTC is maintained by a group called the WBTC DAO that consists of over 30 members. It was originally started by BitGo, Ren, and Kyber.
The price of Wrapped Bitcoin has fallen by 3.26% in the past 7 days. The price declined by 4.22% in the last 24 hours. In just the past hour, the price grew by 0.85%. The current price is $29,000.00 per WBTC. Wrapped Bitcoin is 82.12% below the all time high of $162,188.26.
The current circulating supply is 276,602.93 WBTC.
Wrapped Bitcoin was mentioned in 343 out of 1,859,602 social media posts on Twitter and Reddit on May 23, 2022. 301 unique individuals are talking about Wrapped Bitcoin and it is ranked #261 in most mentions and activity from collected posts.
Powered by LunarCrush
A selection of cryptocurrencies in the top 50 by market cap.
Of all the assets on Coinbase, these 8 are the closest to Wrapped Bitcoin in market cap.