Is Wrapped Bitcoin driving DeFi growth right now?

[DappRadar]

Various blockchain projects have been attempting to bring BTC onto various platforms for some time as Bitcoin represents over 60% of the total market cap for all cryptocurrencies.

This is particularly important for DeFi dapps, which are always looking for additional liquidity. A few of the projects worth mentioning include; WBTC (Wrapped Bitcoin), imBTC (TokenIon), tBTC (Keep Network), sBTC (Synthetix), renBTC (Ren), and pBTC (ptokens).

In the latest report, DappRadar analyze the Wrapped Bitcoin capitalization change, what are the top holders of WBTC right now, what the impact WBTC have on DEXs like Uniswap.

Key Takeaways

• WBTC market capitalization grew by 192% in 2020, 24% solely within May; diluted market capitalization almost doubled in May
• The TOP WBTC holder is MakerDao with 49% of the total supply
• Recent events drastically increased trading volumes across the TOP DEX

Click to read the full report - https://dappradar.com/blog/is-wrapped-bitcoin-driving-defi-growth-right-now

[1715647665]

1715647665

[1715647665]

1715647665

[1715647665]

1715647665

[joniboini]

It's understandable as people want an asset that has more or less the same growth with Bitcoin. Alts are not really a good alternative as most of the time they got hit harder than bitcoin if something fell off, not to mention when Bitcoin pump they bleed too.

But still, as mentioned above, regardless of the assets or pegged-token on the platform, without a secure contracts/platform then it's very risky. I'd rather wait for the platform and market to mature and have at least enough security to prevent people draining the pool from a tx bug.

[Lunatic_Pandora]

If there was ever a way to participate in this without having to put your coins in a wallet where you don't own the private key, it would be a game changer.

[Ucy]

Interesting. I guess I have seen some of them somewhere before.
But are they as secure, decentralized, permissionless, trustless, transparent, private/anonymous(or even better), censorship resistant, immutable as Bitcoin? I think these fundamental ideals are main part of what make Bitcoin attractive, valuable, unique etc.