Wrapped bitcoin project sees 18% redemption of circulating supply in 54 days
The Bitgo-backed Wrapped Bitcoin (WBTC) project has been officially live since the end of January 2019 and has seen a significant increase in balances since its launch. The Wrapped Bitcoin project supported at the time of writing is one of the largest operations showing the number of bitcoins held back to save token value. As of January 20, 2023, WBTC is the 19th largest crypto asset issued by market capitalization, with a value of $21,278 per unit. At noon Eastern Time on Friday, WBTC had a market capitalization of approximately $3.8 billion. According to the project’s website and transparency dashboard, as of January 20, 2023 at 3:00 PM Eastern Time, there were approximately 180,197 WBTC in circulation on the Ethereum chain, and the project also manages 99.89 WBTC hosted on the Tron blockchain network. Is. Storage of the ERC20-based WBTC token has seen a significant drop compared to 54 days ago on November 27 when 220,353 WBTC ($16.4K per BTC) were circulating on the Ethereum blockchain network. Circulating on the Ethereum blockchain network. We also see that 10 months ago on February 26, 2022 its (WBTC) count was around 262,662 ($39.4K per BTC). This means that 31.39% of WBTC in circulation was removed from all supply in the last 10 months and more than half a percent of its supply in the last 54 days from 27 November 2022 or say 18.22% or a total of 40,156 WBTC was redeemed while WBTC is the largest wrapped version of bitcoin. Lido’s staking token STETH is a clone of Ethereum, a heavily synthetic version of the top crypto asset by market capitalization. However, STETH is going to function differently than Bitgo’s management which only holds bitcoin for the amount issued or only receives bitcoin. If we look at the website’s taxport, there are 180,197 WBTC in circulation today, with roughly 180,205 BTC in Bitgo’s custody supporting the supply of WBTC. The supply of wrapped or synthetic bitcoin tokens has followed closely behind that of stablecoins as stablecoins have been redeeming billions into the economy over the past year.