According to data from December 28, Bitcoin (also known as Wrapped Bitcoin) has approximately 434,265.43 tokens valued at more than $ 21.3 billion tied on multiple blockchains. Up to ten different BTC-linked projects are currently active, and the Wrapped Bitcoin Project accounts for 59.66% of all tokenized BTCs in circulation.

Bitcoin protocol tokenized on Ethereum

In late 2018, as tokenization began to warm in the crypto space, several projects introduced Bitcoin-linked token protocols. On January 30, 2018, Wrapped BTC (WBTC) was deployed on Ethereum.

Tokenized BTCs held at ETH | Source: Dune Analytics

At the end of July 2019, WBTC outperformed Lightning Network (LN) for the total value of frozen assets. WBTC is currently the largest Bitcoin-coupled token project with 259,090 BTC in circulation on the Ethereum network.

Amount of tokenized BTC held at ETH | Source: Internet

Statistics show that there are seven Bitcoin-linked projects on Ethereum, with the total Locked Assets Value (TVL) reaching 323,264 BTC. The second largest tokenized BTC protocol on Ethereum is HBTC with 39,884 BTC.

HBTC is followed by RENBTC (17.054), SBTC (4.203), IMBTC (1.317), PBTC (888) and TBTC (828). Of these, 323,264 BTC TVL are held in the Ethereum network, which corresponds to 74.43% of the total number of Bitcoin-coupled tokens in circulation.

Bitcoin protocol tokenized on BSC

There is another tokenized BTC protocol on Binance Smart Chain (BSC) called BTCB, which is second only to WBTC in terms of TVL. There are currently around 105,115.44 BTCB in circulation on December 28th.

Number of BTCB | in circulation on December 28, 2021 Source: Coinmarketcap

BTCB has a fully diluted market cap of approximately $ 5.52 billion and global trading volume of $ 43.6 million. The most active BTCB swaps today include Hitbtc, Pancakeswap v2, Thorchain, and Pancakeswap v1.

Number of LBTCs in circulation on December 28, 2021 | Source: Internet

There are also two other tokenized BTC projects run by Blockstream and RSK. RSK currently has 2,522 RBTC in circulation, supported by BTC hash power at 95 exahash per second (EH / s).

Number of LBTCs in circulation on December 28, 2021 | Source: Internet

Blockstream’s associated sidechain, Liquid, currently has approximately 3,363.99 LBTC in circulation. RSK currently holds tokenized BTC valued at $ 124 million in circulation, while Liquid’s LBTC is valued at $ 165.4 million.

Liquid’s LBTC only accounts for about 0.77% of all tokenized BTC in circulation today. RBTC is even lower at just 0.58% of the total of 434,265.43 BTC held on the Ethereum network. Given the current momentum, the market will soon hit the 500 million BTC mark for several alternative chains.

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