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Are Bitcoin users finding more use in its tokenized form?

Source: DeFiPulse

DeFiPulse suggested nearly 99.844k BTC was currently in Defi, but the peak was of 101.655k BTC earlier today. This was over 23x the BTC locked into the Liquid Network [2,593 BTC] and the Lightning Network [1,069 BTC, public channels]. While Wrapped Bitcoin [wBTC] saw the most BTC locked, holding 67% of the total amount of Bitcoin represented on the Ethereum blockchain, as per data collated by Arcane Research.

Source: Arcane Research

Bitcoin accounts for almost 5% of the TVL in DeFi indicating a rise in the share of DeFi capitalization represented by BTC which has increased by 150% in the past three and a half months.

Other factors to have influenced BTC’s expansion into the DeFi ecosystem could be the launch of Ren’s more decentralized Virtual Machine and RenBTC. Even though wBTC was the leading tokenization protocol by total BTC locked, Ren’s Virtual Machine was not far behind as it tokenized 21,500 BTC worth $230 million since its launch in May. Both protocols have managed to more than double the number of locked Bitcoin over 30 days, wBTC was still attracting a larger volume of BTC than Ren.

AMB Crypto

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