![\"Side-Chaining](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/12\/side-chaining-3-4-billion-in-value-more-than-141000-tokenized-bitcoins-are-issued-on-ethereum-768x432.jpg\")
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According to onchain statistics, there is a colossal amount of bitcoin, approximately 141,231 bitcoins or $3.3 billion at the time of publication locked into Ethereum-based tokens. There are roughly seven different wrapped or synthetic bitcoin tokens but the Wrapped Bitcoin project has the lion\u2019s share of coins with 115,411 under custody. <\/strong><\/p>\n At the time of writing, there is a great number of bitcoin (BTC)<\/a> locked into the Ethereum (ETH)<\/a> network for projects that have issued wrapped or synthetic BTC<\/a> tokens. Right now there\u2019s 141,231 BTC<\/a> being leveraged on Ethereum between seven different projects. The largest of them all is the Wrapped Bitcoin project (WBTC<\/a>), which is an ERC20 token but the BTC<\/a> is held in a custodial fashion by the firm Bitgo. At press time, the WBTC<\/a> project commands a whopping 115,411 BTC<\/a> which is worth $2.6 billion using today\u2019s exchange rates.<\/p>\n The six projects below BTC<\/a> collectively hold 28,151 BTC<\/a> ($677.7M) at the time of publication, according to Dune Analytics<\/a> data. This includes projects like renbtc (17,122), hbtc (6,010), tbtc (1,906), sbtc (1,903), imbtc (1,035), and pbtc (175). Moving a wrapped or synthetic bitcoin would be far cheaper as the current median cost of transfer on the Ethereum chain today is $0.54 per transaction. The next block fee for the BTC<\/a> network is $7.68 per transaction and the current median fee for BTC<\/a> today is $3.71.<\/p>\n A great deal of wrapped or synthetic bitcoin tokens on Ethereum leveraged on decentralized exchanges (dex) and loan platforms that yield high interest. During the last seven days, ETH-based dex applications like Uniswap<\/a> and 0x have seen $5.5 billion in swaps and $579 million in trades during the last 24 hours.<\/p>\n WBTC is the sixth-largest token in terms of the share of loans for the top ten ERC20 assets. As far as outstanding loans per asset is concerned there\u2019s roughly $45 million worth of WBTC on loan today.<\/p>\n It didn\u2019t take long for the Ethereum network to gather a lot more bitcoin since tokenized BTC<\/a> assets held on ETH<\/a> crossed<\/a> $1 billion notional at the end of September. Of course, the price of bitcoin (BTC<\/a>) jumping 129% during the last three months contributed to the value held.<\/p>\n <\/ins> <\/ins> <\/p>\n Despite the detractors, Ethereum clearly is Bitcoin\u2019s main sidechain as competitors are not even close to 141,231 BTC<\/a> being leveraged on the ETH<\/a> chain.<\/p>\n For instance, Blockstream\u2019s Liquid network only has 2,599 lbtc<\/a> issued and the RSK sidechain has a circulating supply<\/a> of 541 rbtc. WBTC is the second-largest decentralized finance (defi) project according to defipulse.com statistics<\/a>. Due to BTC<\/a>\u2019s current value, WBTC\u2019s market is also the 16th-largest by market capitalization today.<\/p>\n What do you think about the $3.4 billion worth of bitcoin held on the Ethereum network today? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n The post Side-Chaining $3 Billion in Value: There\u2019s More Than 141,000 Tokenized Bitcoins Issued on Ethereum<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n![\"Side-Chaining](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/12\/dunequery.jpg\" "\\"Side-Chaining")
<\/p>\n![\"Side-Chaining](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/12\/btcethbalances.jpg\" "\\"Side-Chaining")
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