With DeFi applications rapidly growing in recent months, there's been an influx of tokenized Bitcoin on the Ethereum blockchain.
The total amount and value of tokenized Bitcoin on the Ethereum blockchain has sharply increased since mid-May, with over $101 million worth of BTC now held in tokens such as Wrapped Bitcoin (WBTC), renBTC, HBTC, imBTC, sBTC and others.
WBTC and similar tokens represent Bitcoin on the Ethereum blockchain. One tokenized BTC equals one “regular” BTC; Bitcoin can be converted into these tokens, and vice-versa.
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https://decrypt.co/33921/bitcoin-wrapped-on-the-ethereum-blockchain-reaches-101-million