Only one firm has accumulated up to 70% of bitcoins in the Ethereum network

Inflated excitement around the decentralized finance market also affected the volume of Bitcoin emission on the ERC-20 protocol.

In August 2020, about 70% of the generated bitcoins based on the Ethereum blockchain came from just one company – Alameda Research, a crypto trading firm and liquidity provider.

This is the conclusion reached by the analytical department of CoinDesk Research.

It is reported that 14,654 Wrapped Bitcoin (WBTC) were allocated to Alameda Research in August, which is almost 70% of the issued bitcoins on the Ethereum network in a month.

CoinList came in second with 4668 WBTC. The three leaders are closed by the imToken service, which has accumulated 1,784 WBTC.

Bitcoin expansion

According to CoinDesk Research, this significant accumulation resulted from the company’s lobbying to increase the amount of collateral placed to receive interest on the decentralized cryptocurrency lending platform Compound from 0% to 40%.

Mosayeri also noted that the presence in the market of such trading giants as Alameda Research, promotes the development of bitcoin without the involvement of trust protocols.

It is noteworthy that the Ethereum-based bitcoin market is not limited to WBTC alone.

At the time of this writing, the following bitcoins are already deployed on the Ethereum blockchain: The Tokenized Bitcoin (imBTC), tBTC (tBTC), renBTC (renBTC), pTokens BTC (pBTC), HBTC (HBTC) and Super Bitcoin (sBTC).

Market capture

Nevertheless, it is WBTC that is leading in terms of market volume (over 43 thousand assets worth $457.4 million).

At the end of June, the BeInCrypto editorial office reported that more than $101 million of bitcoins flowed into the Ethereum blockchain.

The popularity of bitcoins on the Ethereum network is growing every month due to the more convenient use of cryptocurrency on a network with a higher bandwidth.

At the time of this writing, the capitalization of bitcoins in the Ethereum network has already approached the $700 million mark.

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