There are more than projects comprising tokenized wrapped Bitcoin but none of them is as big as the project of “Wrapped Bitcoin” which, as of today, single-handedly commands approximately 60% of the tokenized wrapped Bitcoin economy. Meanwhile, there are approximately 5 million tokenized wrapped Bitcoin which are circulating within the market.
Tokenized Bitcoin initially came under the limelight in 2018 and soon thereafter there was a number of projects of tokenized Bitcoins were introduced. Tokenized Bitcoins then paved the way for projects comprising ‘tokenized wrapped Bitcoins’. As of today, there are less than a dozen such projects and amongst them, all ‘Wrapped Bitcoin’ is the biggest project. It was in the same year that investors became interested in these wrapped Bitcoin projects. In order to capitalize on the investors’ interest, the Bitcoin network launched the Wrapped Bitcoin project (WBTC) into the network of Ethereum as well.
As of today, the number of wrapped Bitcoins is nearing half-million i.e. 434,265.43 which is roughly worth more than US$ 21 Billion. However, WBTC, being the biggest wrapped Bitcoin project, is commanding almost 60% of the tokenized Bitcoin economy. A total of 259,090 BTC are there in Ethereum-based WBTC currently which is worth roughly US$ 13 Billion.
In addition, there are a total of seven tokenized Bitcoin projects which are running on the network of Ethereum. If the valuation of Ethereum-commanded tokenized Bitcoin is determined, then Ethereum has in circulation about 323,264. This means that approximately 110,000 plus tokenized Bitcoins are form part of other networks apart from Ethereum.
The second biggest wrapped Bitcoin project is that of HBTC, which is again an Ethereum-based project. Within this project of HBTC, there are 39,884 Bitcoins in circulation.
HBTC is then followed by renBTC, SBTC, and imBTC with the rankings of 3rd, 4th, and 5th respectively. The third-largest project of renBTC has 17,054 BTCs, the fourth largest project of SBTC has 4,203 BTCs while 5th largest i.e. imBTC has 828 BTCs.
The 6th and 7th biggest tokenized Bitcoin projects are again the projects running on the Ethereum network namely pBTC and tBTC. The total value locked into Bitcoins in the two projects is 888 and 828 respectively. This further shows that Ethereum alone is commanding more than 70% of the total economy of wrapped Bitcoins.
Apparently, the projects of tokenized Bitcoins are nearing their journey towards 5 million Bitcoins locked into the economy. It is expected that the 5 million mark will be achieved in the year forthcoming i.e. 2022. Although Ethereum is the biggest rival of Bitcoin, yet it is also another economic contributing factor for Bitcoin. There are not more than 10 projects of tokenized Bitcoins and out of the 10, 7 are Ethereum based. Only three of them belong to networks other than Ethereum.