1 year ago
Over the span of 10 months, since mid-December 2022, the cryptocurrency known arsenic wrapped bitcoin (WBTC) experienced a simplification of astir 23,000 coins from its circulation. Today, WBTC has 79,839 chiseled wallet holders. Notably, a hefty 73.76% of these tokens are concentrated wrong the apical 100 holders.
Aave and Compound Emerge arsenic Leading Holders of Wrapped Bitcoin
As of October 22, 2023, determination are 79,839 idiosyncratic wallets holding WBTC, a token pegged 1:1 with bitcoin (BTC). The circulating WBTC tokens fig 163,006, valuing the task astatine $4.88 billion. From December 17, 2022, there’s been a 12.31% simplification successful WBTC’s circulating supply, declining from 185,909 WBTC to the existent 163,006 WBTC.
The inception of the Wrapped Bitcoin task is credited to a collaboration betwixt Bitgo, Kyber Network, and Ren (previously known arsenic Republic Protocol). It made its debut connected the Ethereum blockchain successful precocious January 2019. Minting and redemption processes are facilitated done custodians, and participants utilizing these 2 processes indispensable adhere to anti-money laundering (AML) and know-your-customer (KYC) regulations.
In presumption of marketplace capitalization, WBTC claims the 16th presumption among the apical 20 cryptocurrencies. Data reveals that ascendant addresses are governed by starring decentralized concern (defi) entities specified arsenic Aave, Compound, Arbitrum’s gateway, Polygon’s bridge, and Makerdao. The largest wallet “0x9ff” is designated arsenic “Aave: aWBTC Token V2”, possessing 10.67% of the circulating WBTC.
Following closely, the code “0xccF” stands arsenic the second-largest holder, identified arsenic “Compound: cWBTC2 Token,” commanding 9.84% of the circulating WBTC. Compound besides has its grip connected the third-largest “0xc3d” wallet, with 7.96% of the WBTC supply. Intriguingly, each apical 10 WBTC relationship is simply a defi protocol, collectively overseeing 52% of the circulating wrapped bitcoin.
The elite 20 WBTC addresses clasp a striking 59.18% of the full supply, portion the apical 50 relationship for 68.09%. Approximately 73.76% of WBTC successful circulation, amounting to 120,230 WBTC, is held by the apical 100 holders. WBTC is not lone a pioneer of the wrapped crypto domain but besides remains the largest wrapped task concerning BTC reserves.
In the Ethereum universe, however, there’s a notable prevalence of wrapped oregon synthetic ether that’s overmuch larger compared to today’s tokenized bitcoin count.
What bash you deliberation astir the attraction of WBTC’s circulating proviso and the 10 defi protocols that clasp 52%? Share your thoughts and opinions astir this taxable successful the comments conception below.
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