There’s been a shake-up in the bitcoin derivative space since Bitgo unveiled its custodial partnership with Bit Global. Earlier this week, Bitcoin.com News highlighted Sky’s (formerly Makerdao) adviser suggesting a pause on WBTC offboarding after hearing from Bitgo’s CEO, Mike Belshe.
WBTC supply on Aave V3 reaches an all-time high.
Since the Aug. 9 announcement, WBTC has hit a new peak on the decentralized finance (defi) platform Aave V3. According to Dune Analytics, the cumulative token quantity on Aave V3 now stands at 37,013.
On Aug. 9, there were 154,727 wrapped bitcoin (WBTC) onchain, but that figure has since dropped by 1,784, leaving a current total of 152,943 WBTC. Among bitcoin derivatives, Binance’s BTCB product leads the pack with a supply of 65,301. Next in line is the Avalanche-based BTCb, which holds 5,433 tokens today.
When Bitgo made its announcement, BTCb’s supply was at 5,261, and since then, it has experienced a 3.27% increase. Coinbase’s cbBTC has experienced explosive growth, with its supply jumping from just 3.89 BTC on Sept. 11, 2024, to 3,887 coins—an increase of 99,823% in just two weeks.
Coinbase’s cbBTC has grown by 99,823% since Sept. 11, 2024.
The fifth-largest player, Threshold Network’s tBTC, has climbed from 3,140 to 3,540 tokens since Aug. 9, reflecting a 12.74% rise. Meanwhile, FBTC has 711 coins, up from 649 just 48 days ago. The bitcoin-pegged token market is constantly shifting, but WBTC continues to reign supreme in 2024.
With Binance’s BTCB boasting the second largest cache and Threshold Network’s tBTC steadily climbing, these tokens provide an intriguing snapshot of defi in action. The race in the bitcoin derivative space is just beginning to heat up, and this competition is bound to play out over the coming years.
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