[Taklimakan Blog] Bitcoin Capitalization on Ethereum Blockchain Reaches $1.5 Billion

Bitcoin holders prefer to make money on DeFi smart contracts on the Ethereum network

On October 11, 131,455 bitcoins worth $1.497 billion were recorded on the Ethereum blockchain, which is 3.6% of the total market capitalization of Ethereum, as evidenced by data from the Dune Analytics platform, which provides access to analytical data on the Ethereum network.

In particular, we are talking about the so-called synthetic bitcoin — bitcoin converted into tokens based on Ethereum. The most popular of these is Wrapped Bitcoin (wBTC), which has a 73% market share. RenBTC comes in second with a market share of 20%.

This summer, users have been actively moving Bitcoins to the Ethereum network, which has contributed a lot to the recent hype around the decentralized finance (DeFi) segment, which is now facing a crash and a downturn.

Despite the decline in coin growth, DeFi tokens remain popular. As stated on the DeFi Pulse portal, as of October 11, investments in smart contracts in the decentralized finance market amounted to $10.82 billion, which is ten times higher than in early June.