The volume of Bitcoin tokens on the Ethereum network grew by another $ 360 million in October The volume of tokenized bitcoins on the Ethereum blockchain reached 150,000 BTC ($ 2.05 billion) in October, an increase of 21% over the month, CoinDesk writes, citing data from Dune Analytics.

The volume of Bitcoin tokens on the Ethereum network grew by another $ 360 million in October

The volume of tokenized bitcoins on the Ethereum blockchain reached 150,000 BTC ($ 2.05 billion) in October, an increase of 21% in a month, writes CoinDesk with link to Dune Analytics data.

IN recent times growth has slowed down significantly along with a weakening of attention to space decentralized finance (DeFi). In October, the value was $ 359 million, significantly yielding to the September $ 737 million.



As noted by Messari analyst Ryan Watkins, the demand for tokenized bitcoins was largely driven by lucrative farming in DeFi projects, whose rates collapsed after the September peak..

“Curve and Uniswap farms have been big drivers of growth. In both cases, the profitability dropped significantly, "he said..

However, the rate of bitcoin tokenization still exceeds the rate of its issue. According to Coin Metrics, 26,256 bitcoins were mined in October and 26,267 were tokenized..



Wrapped Bitcoin (WBTC) remains most demanded a tool for bitcoin tokenization with a market share above 80%. In October, the tBTC token of Thesis startup was also relaunched, the capitalization of which exceeded $ 10 million in the first month..

To date, the circulating volume of tokenized bitcoin is over 152,000 BTC worth $ 2.3 billion. Growth since January has exceeded eighteen 000%.

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