Bitcoin-backed Ethereum tokens near $1 billion in market value

The total market value of Ethereum-tokens pegged to Bitcoin is $943.7 million, according to BTC on Ethereum.

In this market segment, Wrapped Bitcoin (WBTC) leads, with a capitalization of $617 million. Also popular among users are renBTC ($230 million), HBTC ($51.2 million) and sBTC ($28.6 million).

The chart below shows that the total value of WBTC has accelerated markedly in recent months. In mid-August, WBTC’s market capitalization stood at the $220 million mark.

Data: BTC on Ethereum.

The surge in the value of tokenized bitcoins is linked to the rapid growth of the DeFi sector. The vast majority of services in this space operate on Ethereum.

According to DeFi Market Cap, WBTC is fifth among DeFi tokens. According to DeFi Pulse, Wrapped Bitcoin ranks ninth by the value of assets locked.

As reported, the cryptocurrency custodian BitGo considers launching WBTC on the Ethereum sidechain.

Follow ForkLog updates on Facebook!