Cryptanalyst Messari estimates that the $ 500 million Bitcoin (BTC) is encrypted on the Ethereum network for use in the decentralized financing protocols (DeFi).
However, the company’s latest report indicates that this figure represents only 0.3% of Bitcoin’s market value of $ 216 billion, which means that there are great opportunities for projects that facilitate Bitcoin’s transition to Ethereum to generate significant value.
According to DeFi Pulse, the popular bitcoin protocols WrappedBTC (WBTC) and RenVM are the ninth and tenth largest of DeFi’s blockchain projects, with $ 453 million and $ 232.4 million, respectively.
Reindeer husbandry has skyrocketed in the past month, and the value of funds held in the protocol increased nearly 470% from $ 40.9 million in early August.
Last month, WBTC also bought $ 274 million in equity, increasing the value of the funds held by 157%. During August, the number of bitcoins encoded through WBTC briefly exceeded the new BTC production rate, indicating a significant increase in the demand for bitcoin in the DeFi room.
Messari tweeted the results of the report and named it Keep Network (tBTC) along with Ren (renBTC) as major projects to bring BTC to Ethereum.
The inclusion of releaseKeep was marked as unexpected in the responses to the post, when a vulnerability was discovered in the unbelievable Bitcoin encryption protocol tBTC in May, which caused the project to close just two days after launch. However, tBTC plans to release a second version of tBTC after an additional round of security audits and testing, and has been distributing its KEEP token via stake drop since June.
Several small businesses have also entered the bitcoin area in recent months, since the PieDAO BTC ++ group has collected 58 Bitcoins since its launch in April.