$105,216.00
4.52%$2,411.82
8.05%$2.16
7.37%$639.07
3.67%$144.06
9.15%$0.999886
0.01%$0.274179
3.84%$0.163868
8.50%$2,413.15
8.20%$0.580624
7.42%$105,122.00
4.57%$37.10
4.76%$2,907.06
7.99%$2.82
14.57%$460.66
2.16%$12.94
11.64%$9.14
1.19%$18.20
10.10%$0.246139
7.75%$0.999823
0.00%$2.91
7.15%$47.94
-0.12%$0.00001163
9.69%$0.15299
13.86%$85.25
6.18%$2,410.43
8.01%$1.001
0.05%$2,580.65
7.96%$308.87
2.88%$1.001
0.04%$3.42
9.21%$4.18
3.22%$105,188.00
4.53%$0.00000993
12.18%$6.83
8.46%$0.53543
5.86%$257.03
12.68%$1.18
0.06%$352.75
15.56%$52.25
-1.59%$1.00
0.00%$4.33
10.79%$1.056
0.02%$0.085197
5.88%$4.94
8.15%$2.14
12.75%$174.64
9.28%$16.48
8.66%$0.758003
13.23%$1.001
0.11%$27.30
0.39%$0.609779
4.80%$16.46
3.47%$0.074514
16.33%$4.44
-0.04%$0.02160039
11.90%$9.27
6.41%$4.06
9.20%$0.693116
18.48%$0.083868
14.89%$105,194.00
4.33%$3.19
15.14%$0.2723
13.70%$0.181315
5.51%$0.180702
12.75%$0.923625
11.57%$2.26
9.30%$0.302133
11.65%$0.999343
0.42%$4.37
4.82%$1.00
0.02%$2,409.78
7.87%$0.25929
30.23%$98.62
10.84%$0.99929
-0.07%$11.07
3.01%$152.53
9.06%$0.203803
6.89%$0.406456
18.02%$1.19
8.54%$0.01722883
7.21%$2,743.19
7.86%$1.21
18.85%$2,524.77
8.06%$0.00001412
15.60%$1.60
14.93%$1.67
20.92%$11.04
12.99%$1.022
9.49%$0.320653
18.71%$1.001
0.06%$0.999654
-0.04%$0.642308
15.17%$0.549425
12.61%$0.058872
5.36%$0.999325
-0.04%$3.13
5.37%$2,580.26
8.40%$105,271.00
4.62%$2,529.90
8.06%$1.11
0.00%$3,373.27
-0.74%$639.03
3.63%$104,853.00
4.32%$0.837803
21.59%$3,357.82
-0.58%$105,938.00
3.67%$0.082442
12.55%$2,534.84
8.11%$0.517033
9.39%$0.581763
8.75%$0.421091
16.53%$160.96
9.24%$2.11
5.94%$0.844451
10.28%$111.54
0.02%$187.73
9.31%$0.00007348
15.12%$2.19
9.07%$2,608.33
8.16%$0.675853
13.24%$41.68
9.46%$0.998843
0.05%$0.01015958
0.98%$0.712862
8.66%$0.01012129
19.40%$1.086
0.20%$0.01402491
12.13%$0.25794
11.35%$0.163011
11.53%$0.01292957
17.70%$18.87
10.98%$30.91
6.37%$0.23386
9.30%$0.997626
-0.02%$0.00000061
8.17%$1.98
6.65%$104,929.00
4.42%$3.59
10.53%$0.428839
12.55%$0.535036
9.03%$105,006.00
4.65%$0.096087
12.91%$2.06
12.01%$37.15
4.97%$2,407.18
7.78%$0.332297
9.89%$0.524862
6.64%$0.491151
13.04%$2,409.00
7.90%$105,123.00
4.39%$1.00
0.04%$2,575.39
8.14%$2,521.71
7.48%$0.262369
11.15%$1.00
0.16%$0.618365
10.80%$0.01423409
11.21%$1.37
10.71%$2,410.90
7.96%$0.423173
4.42%$7.87
1.40%$47.70
6.37%$0.0612
0.49%$0.167591
41.91%$0.999899
0.01%$2.36
8.08%$37.21
5.14%$0.04391445
23.19%$0.99983
-0.00%$1.36
17.47%$0.163573
8.30%$0.421095
12.93%$1.091
0.04%$0.998133
0.23%$0.0000004
2.70%$5.58
11.47%$1.001
0.05%$1.005
0.48%$0.00423316
24.33%$0.00665953
19.36%$0.115317
12.70%$13.58
12.95%$2,408.79
7.93%$0.323695
17.32%$0.00001879
8.44%$2,561.16
7.95%$0.515679
9.01%$2.27
10.98%$0.983427
16.33%$0.490476
11.22%$0.0042266
19.17%$1.15
14.37%$0.00000091
24.96%$0.069587
9.92%$0.355051
5.27%$0.140089
19.89%$0.03509283
5.30%$0.166259
-2.07%$0.345548
6.02%$1.43
11.18%$5.25
8.70%$0.03519664
9.52%$1.18
5.97%$2,657.55
7.99%$0.0033036
21.53%$105,074.00
4.49%$105,349.00
5.18%$0.01674067
4.12%$19.71
2.24%$2,635.46
7.85%$0.999939
0.00%$0.03181739
4.29%$0.999514
0.04%$0.999761
0.09%$157.43
9.51%$2,412.32
8.13%$0.00005567
6.38%$0.999962
0.04%$1.10
14.46%$0.710324
6.16%$10.02
4.26%$0.303233
18.10%$0.446455
8.11%$2,407.47
7.76%$109.46
8.18%$0.713747
20.52%$0.00339699
9.11%$0.061112
13.49%$105,368.00
4.76%$18.20
10.21%$0.00000135
2.69%$1.68
-1.06%$1.001
0.33%$0.597412
8.73%$0.599648
17.60%$0.00514293
13.45%$103,390.00
9.10%$1.017
0.12%$2,111.64
4.48%$0.181311
5.37%$103,369.00
5.24%$0.00369469
18.85%$0.182481
9.17%$6.07
10.97%$14.82
9.25%$0.999537
0.03%$19.88
9.86%Reading
Bitcoin is moving at levels not seen in years, but the Lightning Network doesn’t seem to be keeping up.
The total value of Bitcoin locked on EthereumEthereum via Wrapped Bitcoin (WBTC) has passed $230 million, while Bitcoin used in the Lightning Network struggles to break past $12 million, according to data from Skew Analytics.
The growing WBTC value comes as Bitcoin continues to be channeled onto the Ethereum blockchain, even as the Lightning Network continues to be upgraded for improved performance and user experience. The trend indicates growing excitement even among BTC holders over the changes to the financial system realized through DeFi, and the potentially massive returns that come with them.
WBTC reaching new ATH in market cap. Lightning struggling to get similar traction for now - both were at the same level only 3mths ago. pic.twitter.com/XcesNLbS9q
— skew (@skewdotcom) August 10, 2020
WBTC is a centralized collaboration between several DeFi protocols, including Maker, Compound, Kyber Network, Aave, and more. It’s used to lock Bitcoin on the Ethereum blockchain in exchange for WBTC ERC20 tokens of equivalent value. WBTC uses a network of trusted third-party custodians to facilitate the cross-chain value transfer.
In addition to more than 20,000 Bitcoin locked in WBTC, Ren protocol’s renBTC has also seen impressive growth since launching in May 2020, now making up nearly 10% of all Bitcoin locked on Ethereum. The renBTC design uses smart contracts to lock Bitcoin, as opposed to trusted third-parties used by WBTC. In total, more than 25,500 Bitcoin (roughly $289 million at today’s price) are currently locked on the Ethereum network.
The Lightning Network, a second layer solution intended to increase the speed and reduce the cost of Bitcoin transactions, has recently been upgraded with new features, including multi-part payments that allow sent funds to be split and routed as smaller amounts to make it easier to find a complete path of Lightning nodes to the intended recipient.
All nodes must have adequate liquidity to successfully route payments, putting large transactions at risk of failure before the upgrade. The release also includes improvements for simplified integration with wallets and easier tracking of internal transactions for tax reporting.
Bitcoin isn’t missing out on the recent crypto price jumps, but it’s also joining Ethereum in a less impressive way—higher fees. Bitcoin fees are on the rise again, approaching levels last seen during the recovery from the March 2020 crypto crash, which was linked to the corresponding stock market decline. On Thursday, they hit an average of $3.841, an increase of 151% since last Sunday. They’ve since fallen slightly; yesterday, the average Bitcoin transaction cost $2.9, according to BitInfoCha...
Notably, the Lightning Network has seen more than 260 new nodes added in the last 30 days, according to data from Lightning Network statistics aggregator 1ML. Network capacity, however, or the number of BTC in Lightning nodes available to facilitate rapid transfers, has grown by less than 1% over that same time.
If Bitcoin transaction fees remain elevated, more money could flow into the Lightning Network as traders seek relief from the high transaction cost. For the time being however, growth of Bitcoin on Ethereum continues to leave the Lightning Network in the dust.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Bitcoin is widely considered the most secure and decentralized digital asset. But for all its strength as a store of value, it’s historically offered little financial utility due to network limitations, while its ballooning price has kept it from being seen as everyday spending money. Bitcoin DeFi, also known as BTCfi—a term referring to decentralized finance applications built on Bitcoin—is emerging to change that. Sui is one of several layer-1 blockchains now supporting Bitcoin-based functiona...
The price of several tokens tied to Ethereum-based projects in decentralized finance, or DeFi, spiked on Tuesday after the Securities and Exchange Commission signaled that it’s taking steps internally to become more accommodative of the emergent subsector. Ethereum was recently changing hands around $2,700, an 7.2% increase over the past day, according to crypto data provider CoinGecko. Uniswap, Aave, and Sky, were up 23%, 16%, and 15% respectively, rising to $8, $305, and $0.90. On Monday, SEC...
Layer 1 blockchain and smart contract ecosystem Nibiru has launched Block Party, a points program designed to reward real user participation across its DeFi ecosystem. Participants can earn Aura by interacting with applications on Nibiru EVM through trading, liquidity, lending, or quests. WEN? 🔥 Introducing Nibiru Block Party launching this summer, a points program rewarding you with Aura for swaps, liquidity, lending & quests powered by @merkl_xyz and @galxe 🧵 pic.twitter.com/uDAnrohiYC — Ni...
