- The total value locked in RenVM jumped to more than $174 million on Monday from approximately $59.9 million a week earlier.
- There is a growing demand for having bitcoin (BTC) on the Ethereum blockchain as it is increasingly used in decentralized finance (DeFI).
- As reported by CoinDesk previously, RenVM holds a cryptocurrency and mints a representation of that crypto as an ERC-20 token (renBTC, for instance) for use on Ethereum.
- Data from Dune Analytics shows more than 40,000 bitcoin have been tokenized on Ethereum. About 21.7% of that amount was minted by renBTC, making it second behind wrapped bitcoin (WBTC) in the market.
- The recent popularity of tokenized bitcoin indicates a rising demand to use bitcoin in the white-hot Ethereum-based DeFi applications.
- “Bitcoin is now an undeniable part of DeFi, with $420 million of BTC on Ethereum in one form or another,” Loong Wang, chief technical officer of Ren, tweeted on Aug. 15.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.