Bitcoin (BTC) Worth of $1.5 Billion is Now Locked on Ethereum

Bitcoin DeFi Ethereum News

The number of Bitcoin (BTC) locked on the Ethereum blockchain continues to increase after it hit the $1 billion figure. According to the metrics site Dune Analytics, there is now almost an amount of $1.5 billion worth of Bitcoin locked on Ethereum. These are not the actual Bitcoins rather synthetic Bitcoin that have been converted into ETH-based tokens and represent the leading digital currency.

$1.5 Billion BTC on Ethereum equals to 3.6% of ETH Market Cap

Dune Analytics data shows that there are around 131,445 Bitcoins that are currently locked on the Ethereum blockchain. This amount is worth approximately $1.5 billion. This $1.5 billion worth of BTC locked on Ethereum is equal to 3.6 percent of the market capitalization of Ethereum.

Wrapped Bitcoin (WBTC) is one of the famous ERC-20 tokens backed 1:1 by Bitcoin. The majority of Bitcoin on Ethereum is available in the form of Wrapped Bitcoin. WBTC has a share of 73 percent and is on the top. While on the other hand, renBTC holds around 20 percent of it.

Most of the Bitcoiners are continuously throwing their BTC on Ethereum in order to make the most of the decentralized finance (DeFi) boom this summer as the industry is constantly showing a potential growth. According to the data from DeFi Pulse, the amount of value locked in decentralized finance protocols is standing at $10.91 billion at the moment. The majority of this amount is locked on the decentralized exchange Uniswap ($2.62 billion) and the Maker protocol ($1.94 billion).

BTC locked on ETH is 130 times more than on the Lightning Network

While making a comparison between the amount of BTC available on Ethereum and the amount of BTC present on the Lightning Network, a Reddit user said that the amount of Bitcoin (BTC) locked on Ethereum is 130 times more than the amount locked on the Lightning Network.

According to the Reddit user, there are 1,066.32 BTC worth $12 million locked on the Lightning Network. While on Ethereum, this amount stands at $1.5 billion. That is a massive difference.

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