REN Price Surges With 10,000 Bitcoin Tokenized on RenBTC
Cointelegraph
Published Aug 19, 2020 12:34AM ET
Updated Aug 19, 2020 02:20AM ET
Wrapped Bitcoin competitor, renBTC, has made massive gains over the past week as the project’s token’s price, and the total amount of Bitcoin tokenized using the protocol surges.
Ren is in second place behind Wrapped Bitcoin, or wBTC, which is currently the most popular method of tokenizing Bitcoin for use with DeFi protocols. According to btconethereum.com there is currently just over 29,000 wBTC on Ethereum, with renBTC accounting for around 9.5K currently, after topping 10K on August 17.
As DeFi continues to gain in popularity, more investors are looking to use their BTC holdings to access yield farming opportunities. In total 44,000 BTC — or more than half a billion dollars worth — now lives on the Ethereum network.
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Written By: Cointelegraph
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