Ethereum remains the foremost popular off-chain destination for bitcoins as its supply of tokenized bitcoin (BTC) grew over 70% in July.
More than 20,000 BTC — worth roughly $225 million — are now tokenized and employed in Ethereum-based protocols.
Wrapped Bitcoin (WBTC) represents over 76% of the full tokenized bitcoin supply with over 15,500 BTC tokenized.
The total supply grew by roughly $96 million in July, following June’s record growth.
Tokenized bitcoins allow traders and investors to denominate transactions in bitcoin while using applications built on other blockchains.
“We experienced a dramatic WBTC growth in July, led by our retail users,” said Matthieu Jobbé-Duval, head of economic products at CoinList, a token launch and exchange platform that minted 7,079 WBTC in July.
renBTC, the second largest supply of tokenized bitcoin, holds approximately 2,068 BTC.