Bitcoin-backed Ethereum tokens close to $1 bln

The total market value of Ethereum tokens pegged to the first cryptocurrency is $943.7 million, according to the BTC on Ethereum service.

In this market segment, the leader is the Wrapped Bitcoin token (WBTC), which has the capitalization of $617 million. Also renBTC ($230 million), HBTC ($51.2 million) and sBTC ($28.6 million) are quite popular among users.

The chart below shows that the rise in the total value of WBTC has accelerated significantly in recent months. In mid-August, the capitalization of WBTC was at $220 million.

The surge in the value of tokenized bitcoins is most likely associated with the rapid growth of the decentralized finance (DeFi) sphere. The vast majority of services presented in this area are based on Ethereum.

According to the DeFi Market Cap, WBTC is ranked fifth among DeFi tokens. According to DeFi Pulse, Wrapped Bitcoin is ranked ninth in terms of the value of blocked assets.

As a reminder, cryptocurrency custodian BitGo is considering launching WBTC on the Ethereum sidechain.

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