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  • Messari said that 500 million worth Bitcoin had been tokenized on Ethereum for use in DeFi protocols.
  • This figure makes up to just 0.3% of Bitcoin’s $216 billion market cap. 
  • Keep Network and Ren are the major projects bringing BTC to Ethereum, says Messari.

Digital asset analytics company Messari has estimated that $500 million worth Bitcoin has been tokenized on Ethereum for decentralized finance (DeFi) protocols. However, the company’s recent reports show that this figure makes up to just 0.3% of Bitcoin’s $216 billion market cap. 

DeFi Pulse data reveals that WrappedBTC (WBTC) and RenVM (two popular Bitcoin tokenization protocols) are the ninth and tenth largest DeFi projects by locked funds 453 million and $232.4 million, respectively. Ren has witnessed a significant surge in the protocol’s usage, with the value of funds locked in it spiking nearly 470% from the start of August. WBTC also absorbed $274 million in capital in August, surging the value of its locked funds by 157%. 

Messari took to Twitter to share its findings and tagged Keep Network (tBTC) and Ren (renBTC) as major projects bringing BTC to Ethereum. 

 

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