Tokenized Bitcoins is currently increasing faster than they are mined as DeFi surge continues.
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At present, over 1,040 bitcoins has been tokenized through Wrapped Bitcoin than were minted through bitcoin mining by the miners.
While the Ethereum-based decentralized finance (DeFi) boom continues, more attention is moving towards the tokenization of Ethereum to avoid the excessive gas fees on the network while we wait for Ethereum 2.0.
According to Dune Analytics report, about 75% of the Ethereum-based tokenized amounting to 31,000 bitcoins has been minted on Ethereum Blockchain by Wrapped Bitcoin (WBTC).
The supply of Ethereum-based WBTC continues to increase but at the same time, the gas fee is still a nightmare to the adoption of WBTC on Ethereum Blockchain.
More favorable Blockchain platforms like Binance Smart Chain, Tron Blockchain and WAVES is now mostly used to control excessive fee charge.
Recently, Waves Blockchain launched Waves Node 1.2 upgrade dubbed “Malibu”, allowing the reissuance of transaction fee which has been reduced 1000 times and now equals to 0,001 WAVES.
Within a year, WBTC will be a “first class asset” in the decentralized finance ecosystem, predicted Three Arrows co-founder Su Zhu, “just as USDC and USDT are now.”