The Ethereum blockchain holds more than $700 million in synthetic bitcoin tokens. Wrapped Bitcoin (WBTC) leads the space. Around 69,836 synthetic bitcoin tokens circulate across the Ethereum network,
The Ethereum blockchain holds more than $700 million in synthetic bitcoin tokens. Wrapped Bitcoin (WBTC) leads the space.
Around 69,836 synthetic bitcoin tokens circulate across the Ethereum network, according to onchain data. The sector grew over recent weeks, jumping from 38,021 BTC to roughly 70,000 BTC—an 83% expansion. Seven synthetic BTC projects operate on Ethereum, though tBTC hasn't minted any coins yet. The other six projects range from 45 BTC to over 40,000 BTC.
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WBTC commands the market. The protocol holds 44,622 WBTC, capturing 63% of all synthetic bitcoin. Ren Protocol's renBTC ranks second with 16,268 tokens and 23% market share. The other four projects are smaller: hBTC holds 4,180, sBTC 2,918, imBTC 1,173, and pBTC just 45.
WBTC picked up steam over the past month. Alameda Research bought 70% of all WBTC minted last month, according to reports from Friday. Individual holders and cryptocurrency platforms now hold the remaining tokens.
Uniswap, Balancer, Aave, and Compound host significant WBTC activity. FTX and Binance support trades on their centralized platforms, with Binance adding WBTC to its listing late last month. Most trading happens on decentralized exchanges—Uniswap, Balancer, Curve, Synthetix, Bancor, and 0x process the heaviest volumes.
Ethereum co-founder Vitalik Buterin flagged concerns on August 16. "I continue to be worried about the fact that these wrapped BTC bridges are trusted. I hope they can all *at least* move to a decently sized multi-sig," he wrote. His post prompted discussion of a research paper from Wanchain. The paper claims that Ren Protocol stores all its collateralized bitcoins in a single address—a centralization risk that challenges the decentralized nature of the space.
Ethereum remains Bitcoin's dominant off-chain solution despite these trust concerns.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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