According to BlockBeats, as of August 11, Wrapped Bitcoin (WBTC) now supports multiple networks including Ethereum, Base, Kave, Osmosis, and Tron. The Ethereum mainnet accounts for a significant 99.8% of WBTC minting. To date, 154,726 WBTC have been minted, valued at $9.45 billion, representing 0.78% of Bitcoin's total market capitalization. Data from Dune Analytics reveals that over 41% of WBTC is utilized in lending ecosystems, with MakerDAO being the largest user. Additionally, nearly 32% of WBTC is used for direct trading.
WBTC is an ERC-20 token issued on the Ethereum network, pegged 1:1 to Bitcoin. Each WBTC is backed by an equivalent amount of Bitcoin held in reserve by custodians, currently managed by Bitgo, ensuring that WBTC holders can redeem their tokens for Bitcoin at any time. WBTC was first proposed in 2017, with its whitepaper released and the token launched in 2019. By 2020, the amount of BTC locked in WBTC had surpassed $2.1 billion, solidifying its role as a bridge between Bitcoin and Ethereum.