Bitcoin on the Ethereum network in two ...

Ethereum has twice as much bitcoin as the Lightning Network
CONTENT

  • $ 22.5 Million Bitcoins Stuck On Ethereum Network

  • This is more than double the amount of bitcoins on the Lightening Network

  • The growing volume of WBTC indicates the popularity of WBTC

Bitcoin on the Ethereum network in two ...

International consortium of news organizations developing transparency standards.

The amount of BTC on the Ethereum network continues to grow. Now it is $ 22.5 million, which is more than double the number of BTC in the Lightning Network..

The share of decentralized finance (DeFi) Decentralized finance (DeFi) is a financial services built on blockchain technology that offer users access to an open, efficient and … More environment in the Ethereum ecosystem. Although the total amount of funds locked under smart contracts associated with DeFi has dropped sharply over the past few months, the sector remains promising..

In fact, starting in May, new trends have been observed in the DeFi ecosystem: the growth of BTC (WBTC) on the Ethereum platform.

Bitcoin on the Ethereum network in two ...

WBTC volume reaches $ 22.5 million

Over the past few weeks, Bitcoin has been gaining popularity on the Ethereum network. As of March 1, the DeFi Ethereum ecosystem had about $ 9.73 million WBTC. According to DeFi Pulse service, now this figure has grown to $ 22.5 million.

The amount of WBTC on the Ethereum platform is now more than double the amount blocked on Bitcoin’s own Lightning Network. According to DeFi Pulse, only about $ 9.2M BTC is blocked on the Lightning Network.

Ethereum is clearly ahead of its own Bitcoin ecosystem.

The future is for DeFi?

Bitcoin on the Ethereum network in two ...

The emergence of WBTC on the Ethereum network clearly proves that DeFi is not going to give up positions. However, the reliability of DeFi-related products still leaves a lot to be desired..

Last month, a hacker hacked into the decentralized Lendf.Me lending protocol, and $ 25 million was withdrawn from the smart contract. First, he decided to troll DeFi, and then he returned the money. Due to the multitude of hacker attacks, some experts have become skeptical about this sector. According to some, “DeFi is a 24/7 multi-million dollar feeder for hackers.”.

However, proponents of decentralized finance argue that it is still very early and compare DeFi to the internet in 1997. So far, DeFi products cannot provide sufficient asset security. However, the amount of WBTC on the Ethereum platform suggests that this sector definitely has serious intentions. However, how long it will take for its full development is a completely different question. So far, he is clearly far from perfect..

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