$93,519.00
6.18%$1,810.85
14.92%$2.24
7.81%$617.97
2.95%$151.13
8.83%$0.999868
-0.01%$0.18344
14.28%$0.699176
12.24%$0.248941
0.92%$1,808.80
14.83%$93,326.00
6.05%$22.80
15.28%$2.89
28.99%$14.62
12.14%$9.07
-1.23%$0.268018
9.14%$0.0000138
11.72%$3.15
8.12%$0.183701
7.89%$2,158.30
14.19%$0.999803
0.00%$361.34
5.04%$84.83
8.05%$19.10
3.45%$4.10
10.03%$4.67
5.22%$0.998665
-0.11%$1,797.27
14.07%$0.999843
0.06%$0.655151
3.48%$227.58
5.63%$28.49
0.85%$1,918.28
14.27%$0.00000912
14.74%$93,526.00
6.20%$5.99
14.46%$5.33
10.73%$52.60
3.44%$0.943181
10.79%$2.47
14.08%$24.11
4.46%$339.67
8.21%$5.23
11.28%$32.80
0.25%$17.00
9.93%$0.092833
13.35%$0.097517
9.52%$1.048
0.12%$164.41
14.57%$1.00
0.00%$4.61
6.10%$0.704281
6.80%$0.02609436
11.98%$1.17
0.11%$4.39
9.28%$0.222527
8.45%$93,244.00
6.34%$0.343714
20.90%$9.42
13.49%$0.21649
13.94%$4.24
0.16%$2.75
8.41%$2.83
12.36%$0.642865
10.48%$0.523779
14.39%$0.331777
12.22%$0.998653
0.13%$4.13
5.60%$93,007.00
6.10%$10.32
5.52%$0.451844
13.78%$0.762145
9.90%$1,500.37
11.82%$158.13
8.98%$0.691652
48.99%$0.807787
7.74%$0.00001583
27.08%$0.077603
7.73%$1.18
17.98%$0.865506
12.75%$1,806.42
14.61%$1.073
3.96%$0.01682147
4.56%$1,873.46
13.91%$0.678161
7.03%$70.57
6.24%$3.77
4.83%$0.195677
11.90%$9.51
12.31%$0.700446
17.44%$1.001
0.16%$15.90
9.27%$0.999841
0.04%$0.091659
11.05%$2,027.82
14.16%$0.998689
-0.13%$3,370.44
-4.17%$1.00
0.01%$92,634.00
6.93%$617.05
2.78%$0.01651506
17.32%$2.72
18.31%$3,367.90
-3.98%$194.25
8.73%$0.01719602
8.57%$93,555.00
6.43%$166.74
8.72%$0.298928
10.29%$0.813392
15.95%$0.19195
14.45%$1,925.84
14.99%$3.86
12.18%$0.118981
6.70%$0.694553
12.07%$0.998094
0.03%$0.672246
3.44%$0.00006813
17.93%$0.506192
22.37%$94,005.00
6.92%$0.00000064
5.27%$0.39812
7.34%$0.999293
-0.03%$0.01894411
11.30%$31.23
7.87%$2.07
5.34%$1.88
12.01%$0.244787
9.00%$1.11
0.19%$0.31262
3.99%$0.00625765
13.43%$3.56
9.86%$0.547338
8.88%$17.09
15.50%$1,881.43
14.20%$0.156022
10.48%$0.550391
28.80%$33.54
7.63%$0.568388
30.14%$0.551152
7.26%$0.780502
37.17%$0.00887163
7.91%$0.648975
11.15%$0.196899
28.96%$0.999658
0.09%$90,835.00
5.41%$0.447143
8.86%$0.067142
-1.95%$1.73
8.98%$93,374.00
6.17%$0.183119
14.04%$1.33
8.82%$0.999737
-0.02%$0.04574516
33.24%$1,861.85
13.12%$0.999762
-0.02%$88,321.00
0.00%$15.69
12.36%$0.00002213
7.28%$2.09
5.89%$1,795.91
14.01%$0.00691002
39.16%$0.149259
10.74%$0.00000043
1.45%$110.78
0.01%$6.46
16.29%$93,354.00
6.44%$5.97
10.25%$3.82
10.19%$1.021
2.10%$0.510595
10.25%$1.084
-0.00%$2.52
12.10%$0.077816
9.10%$0.3389
21.76%$0.48743
23.75%$1,810.48
14.77%$0.0408323
10.54%$43.52
10.51%$1,811.39
14.96%$0.223728
9.06%$0.00728213
14.46%$1,928.30
15.04%$0.083114
7.78%$1,812.20
14.99%$0.999463
0.01%$1.00
0.02%$0.581367
11.02%$21.80
0.26%$0.842659
9.09%$0.00416677
3.31%$1.001
-0.03%$0.174777
4.13%$0.000064
6.18%$0.352568
33.63%$0.01743194
1.06%$1,846.67
15.18%$0.124161
3.76%$0.998443
0.06%$1.00
0.05%$0.03185866
1.96%$0.329693
9.46%$2.74
13.80%$93,396.00
6.21%$3.74
8.95%$0.00000147
16.47%$115.61
11.16%$0.65714
20.75%$0.999858
0.05%$0.142041
1.78%$0.238982
10.11%$1.18
7.85%$0.639959
11.55%$1,779.49
14.17%$26.10
6.53%$93,195.00
5.46%$0.284215
25.81%$0.667286
-7.64%$0.998952
-0.10%$22.58
8.51%$0.275116
5.88%$0.0004498
3.64%$3,187.04
0.00%$1,915.11
14.81%$1,807.80
14.75%$2.79
1.94%$0.113932
8.57%$0.18935
9.64%$22.82
15.39%$0.00376062
61.46%$0.514913
7.41%$0.03714116
5.31%$0.00285104
11.65%$1,877.58
6.21%$0.447692
8.41%$0.970632
18.69%$0.01278056
9.16%$1.054
15.53%$0.02960267
7.09%$15.19
9.72%$0.731892
10.60%$1,982.88
14.86%$0.23826
21.12%$1,957.26
14.25%$1.00
0.03%$0.999913
-0.01%$2.24
6.10%$0.00
12.66%$93,540.00
7.72%
The amount of Bitcoin converted into Ethereum-based ERC-20 tokens had hit $1.2 billion, per data from Dune Analytics. This means that 0.5% of all of Bitcoin’s market cap has been ported to the Ethereum blockchain, also equivalent to 3% of Ethereum’s market cap.
This is the most Bitcoin that's moved over to the Ethereum blockchain to date. Just weeks ago, the figure was less than half what it is today, sitting at just over $500 million.
The Bitcoin blockchain is incompatible with the Ethereum blockchain, but it’s possible to stake Bitcoin in certain protocols and receive synthetic, Ethereum-based Bitcoin. These are ERC-20 tokens—the generic token standard on Ethereum—that represent Bitcoin.
Popular options include wBTC, renBTC and the newly launched tBTC. Some, such as wBTC, are custodial, meaning that you give your Bitcoin to a company and they’ll give you wBTC, also known as Wrapped Bitcoin, in return. Others, such as tBTC, are non-custodial, meaning that you give your Bitcoin to a protocol and the code—not a company—issues you with tBTC.
People might port Bitcoin over to Ethereum to enjoy the full spectrum of decentralized finance (DeFi) products, such as non-custodial lending protocols, decentralized exchanges and (yet more) synthetic assets. These sorts of crypto-lending and yield-generating services are otherwise largely unavailable to Bitcoin holders.
DeFi is this summer’s great, big, new thing, partly responsible for this summer’s Ethereum bull run. As of this writing, $10.5 billion is locked up in DeFi smart contracts, per metrics site DeFi Pulse. Its rise is, again in part, due to the new token distribution mechanisms, such as giving out so-called governance tokens—tokens that let holders vote on proposals to update the network—for using the protocols.
Some, such as Set Protocol, issue these yield farming rewards—the practice is known as yield farming—for wBTC, i.e. synthetic Bitcoin.
1/ Announcing the launch of the second yield farming strategy on @tokensets - the ETH WBTC Yield Farming Set!
Like the recently launched ETH USD Yield Farming Set, this strategy auto-farms the $UNI token on Uniswap.
Check it out here: https://t.co/zZzybd7YA9 pic.twitter.com/ikGwMX829p
— Set ⚖️ (@SetProtocol) September 24, 2020
wBTC is the most popular synthetic Bitcoin on Ethereum; it has 73.6% of the market’s supply. renBTC has 18.4%, and Huobi BTC, or hBTC, has 4.2%.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
