DeFi New trend: WBTC pushes bitcoin values on the Ethereum chain to new highs, already 5 times over the Super Lightning network

Connecting bitcoin to Ethereum has been the goal of many projects. In the past month, Maker has added WBTC as collateral for Dai, a move that seems to directly ignite Defi's new trend.In May alone, the number of bitcoin tokens -- the ones that anchor the value of bitcoin -- on the Ethereum blockchain jumped directly from 2,500 to 5,000. If these COINS are counted in dollars, the 5,000 bitcoin-linked assets are worth about $47.7 million, making the VALUE of BTC on the Ethereum chain more than five times that on the Lightning network.

The increase was mainly driven by WBTC, whose total value locked up soared from $11m to $35m in 10 days, a fourfold increase. WBTC is now the undisputed king of bitcoin tokens, accounting for three-quarters of all Chinese production of bitcoin tokens. & have spent

Interestingly, HBTC and imBTC are the next two, and both have one thing in common with WBTC in that they both rely on centralized managed solutions. Synth Bitcoin (sBTC), the fourth largest in terms of market share, is backed by SNX tokens without the need for Bitcoin as a value prop. So if we take sBTC out of all token shares, centralized hosting solutions now account for 99.5% of bitcoin-linked assets on the Ethereum chain.

Now, let's look at the concentration of holders of these tokens. If WBTC is the king of bitcoin tokens, then Maker is its kingmaker. More than two-thirds (68%) of WBTC tokens were held by Maker as DAI collateral. Since Maker only approved WBTC as collateral for DAI on May 3, it can be speculated that the future may also see Maker taking a larger share of the growing WBTC market.

WBTC is also occupying more of the DAI collateral market. WBTC has surpassed USDC and BAT in DAI's collateral ranking in just one month, and is now only behind ETH, with WBTC's collateral accounting for 7.8 per cent of DAI.

Compound, the second largest WBTC holding, USES WBTC to support its own cWBTC tokens. CWBTC was launched in July 2019.

Compared to WBTC, HBTC is primarily owned by Huobi itself, with Huobi wallet holding 89% of the total.

Among the four BTC tokens with the largest proportion, the token holding of imBTC is relatively dispersed. 64 addresses hold 90% of their imBTC; Ninety percent of sBTC is concentrated in 26 addresses. WBTC is relatively centralized, with 90% of tokens held by 14 addresses; And finally HBTC, which is by far the most concentrated, with 99% of HBTC in just five wallets. As mentioned above, since most WBTC is held by DeFi platforms, the actual address using WBTC is more than shown here.

From a trading point of view, we see that the impetus behind WBTC came from using it as DAI's collateral in May. From March to April, the number of transactions jumped 61 per cent and the value of transferred dollars jumped sevenfold.

In terms of the number of other BTC tokens traded, some trends stand out:

1. ImBTC dropped significantly in May (probably due to hacking of Uniswap and Lendf.me using imBTC tokens)

2. Trading in sBTC has slowed since its peak in January

3. Consistent with token holding data, HBTC has only a small number of transactions, while the large number of pBTC transactions created by HBTC has risen sharply since its launch in March, quickly outpacing BOTH HBTC and sBTC

The pBTC transaction seems to indicate that these nascent tokens are trying to topple THE dominance of WBTC. All three tokens :pBTC, tBTC, and renBTC became collateral for BTC in a more decentralized manner than the other tokens mentioned above. The figures show that the tokens are still in their infancy. While pBTC exceeded sBTC in number of transactions in May, the value transferred to sBTC over the same period was only $1 million, compared with $4.6 million.

DeFi's growth on Ethereum has been accompanied by the emergence of new bitcoin tokens. WBTC was the first to be introduced and adopted. It has since consolidated its market share lead. It will be interesting to see if other bitcoin tokens, including the emerging tBTC and renBTC, can overcome their current first-mover advantage. As interest in and acceptance of DeFi continues to grow, the number of locked bitcoin assets on the Ethereum chain will increase.

原文地址： https://info.etherscan.com/bitcoin-on-ethereum-start-of-a-surge/

Note: The data used in this article is as of May 27, 2020

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