Bitcoin Locked on Ethereum
This insight displays the amount of Bitcoin tokenized and represented as an ERC-20 on Ethereum. Each tokenized Bitcoin is backed 1-to-1 by Bitcoin either through a custodian or in a trustless way depending on the token.
This is shown as a percentage of Bitcoin’s circulating supply on the left y-axis, in dollar terms in the right y-axis and in BTC terms within parenthesis in the chart’s tooltip. IntoTheBlock currently considers WBTC, renBTC and BTC++ in this indicator, but is working to add support to other tokenized Bitcoin alternatives.
The number of Bitcoin on Ethereum is a proxy to the usage of Bitcoin in DeFi protocols. Tokenized Bitcoin can be used in multiple ways on Ethereum from using it as collateral in loans to earning yield on top of it. Therefore, the amount of Bitcoin on Ethereum shows support and adoption from Bitcoin holders of the DeFi ecosystem.