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Sunday, December 6, 2020

DeFi coin REN surges as RenBTC reaches 10,000 units

  • The number of Bitcoin locked away in Ethereum-based DeFi protocols is on the rise, currently sitting 44k BTC.
  • While Wrapped Bitcoin (wBTC) is still in the lead, with 29,000 wBTC, another project, RenVM, is growing fast.
  • RenVM currently holds around 9.5k renBTC, and this also allowed the REN token itself to grow strongly.

Tokenizing Bitcoin (BTC) and adding it to DeFi projects has been a popular new way of using BTC on other blockchains. One of the most popular alternatives to Bitcoin on other chains has been Wrapped Bitcoin (wBTC), but recently, renBTC also started growing strongly.

In fact, it made major gains over the past week, allowing the REN token’s value to surge alongside the number of tokenized BTC.

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Wrapped Bitcoin leads, but renBTC sees sharp growth

According to new data, wBTC is still in the lead when it comes to the amount of Bitcoin that was locked away and tokenized. However, Ren is now holding a second place, as the increasingly popular method of tokenizing BTC for the purposes of DeFi protocols.

Data from btconethereum shows that there is around 29,000 wBTC on Ethereum. However, renBTC is growing increasingly stronger, with around 9.500 units at this time. This is only slightly below the peak that was achieved two days ago, August 17th, when renBTC numbered over 10,000 units.

REN value grows alongside the amount of BTC

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With the new numbers in, estimates claim that there is currently around 44,000 BTC that resides on the Ethereum network, locked away across a number of DeFi projects.

Meanwhile, according to DeFi Pulse, there is currently RenVM project currently has around $175 million locked away, after a recent 210% surge.

The token, Ren, also saw a major increase in price, surging from $0.16 to $0.55, going up by 245%.

However, not everyone is pleased with this development. In fact, many are claiming that this situation shows that Ethereum needs Bitcoin. While Bitcoin maximalists are growing quite uncomfortable with how much BTC is now on the Ethereum network, many Ethereum fans are also not too pleased with how things are progressing.

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