100,000 BTC poured into the Ethereum network, and the high returns of DeFi are accelerating to attract BTC holders

巴比特

2020-09-13 19:27 (UTC+8)

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Bitcoin holders continue to transfer the value of their digital gold onto the Ethereum blockchain.

Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc), by Kyle, published with permission.

Editor's Note: This article comes from

Babbitt Information (ID: bitcoin8btc)

, by Kyle, published with permission.

Following the correction in the crypto market in early September, DeFi protocols have attracted value back into their liquidity pools, with nearly 100,000 BTC now transferred to the Ethereum blockchain.

According to Dune Analytics, the amount of BTC transferred to the ethereum blockchain has risen nearly 45% so far this month, from September 1, even as the prices of bitcoin and ether fell from September 1. The daily heavy rain increased from 63,400 to 92,700 on September 13.

The increase in the amount locked in Wrapped Bitcoin (WBTC) and other cross-chain Bitcoins has pushed the total value locked to more than $900 million from less than $600 million at the beginning of the month. The total value is now equivalent to more than 2% of the entire ETH market cap.

This trend suggests that demand for DeFi returns remains strong, even among BTC holders, despite volatility in digital asset prices.

Cross-chain transfer protocols such as WBTC and renBTC use trusted third-party custodians or smart contract-controlled wallets to hold one digital asset (in this case, Bitcoin) while simultaneously registering it on another blockchain ( such as Ethereum) to create replica tokens. This copied asset (sometimes called a wrapped token) is pegged to the value of the original token.

The most popular BTC-to-ETH cross-chain project is Wrapped Bitcoin, which accounts for more than 66% of all cross-chain BTC, with nearly 53,000 bitcoins locked in the system to date. The most popular transfer protocol, RenBTC, has seen steady growth, maintaining a roughly 22% share of the Bitcoin transfer market.

Huobi’s HBTC is one of the projects with the biggest growth, it has become the third most popular BTC transfer solution, accounting for more than 6% of the entire market. Since the number of HBTC was less than 1,000 in early August, it has increased by more than 570% today, and it is 4,800 today.

As the amount of Bitcoin transferred to Ethereum increases, there are also concerns about centralization and the role of third-party institutions in the three top transfer solutions WBTC, RenBTC and HBTC.