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Tokenized Bitcoin Expands with Over 172,000 BTC Locked, WBTC Dominates as cbBTC Grows Fast
Recent data shows that tokenized Bitcoin is rapidly expanding its usability, with WBTC and cbBTC collectively locking more than 172,000 Bitcoins. WBTC remains dominant with approximately 129,000 Bitcoins, accounting for 81%, while Coinbase’s cbBTC is growing swiftly, now comprising 19% and spread across Ethereum, Base, and Solana networks.
The data indicates that cbBTC is most active on the Base chain, with around 7,000 daily active addresses and a weekly transfer volume reaching $40 billion. In the DeFi sector, the combined token value exceeds $7 billion locked in lending protocols like Aave and Morpho, with WBTC leading on Ethereum DEXs, and cbBTC showing strong performance on the Base chain.
Experts note that despite some centralization risks inherent in tokenized Bitcoin, it is becoming a crucial bridge linking Bitcoin’s store of value function with programmable economic functions.
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AI Analysis
The rapid expansion of tokenized Bitcoin signifies an increasing integration of Bitcoin’s value storage with decentralized finance (DeFi) platforms. WBTC’s dominance, with 81% of the locked BTC, under...
AI Recommendation
Given the increasing adoption and utility of tokenized Bitcoin, it is advisable for investors to monitor these developments closely. The dominance of WBTC suggests stability and liquidity on Ethereum,...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.