Wrapped Bitcoin’s competitor, renBTC, has made massive profits over the last week due to the token price of the project, and the total amount of Bitcoin tokenized through the protocol hikes.
Ren is second to Wrapped Bitcoin, or wBTC, which is currently the most popular method of converting Bitcoin to a token for use in the DeFi protocols. According to btconethereum.com there are currently just over 29,000 wBTCs in Ethereum, with renBTC representing about 9.5K currently, after exceeding 10K on August 17.
Fake tokens continue to plague Uniswap
As DeFi’s popularity continues to grow, more investors are looking to use their holdings at BTC to access yield farming opportunities. In total, 44,000 BTCs – or more than half a trillion dollars – are now in the Ethereum network.
In less than a week, the total blocked value (TVL) on the RenVM platform, a product of cross-system liquidity provider Ren, rose more than 210% to a new high of $175 million, according to Defipulse.com.
RenVM’s native provider, Ren, also experienced a 245% price increase, from $0.16 in early August to $0.55 on Aug. 19.
Investors have contributed USD 400 million to the failed DeFi “Yam” project, betting on the new
Samson Mow attacks
There are signs that Bitcoin maximalists are becoming increasingly uncomfortable with Ethereans bragging about the amount of Bitcoin tokenized on the network. In a recent podcast hosted by Peter McCormack and starring Ethereum co-founder Vitalik Buterin, Blockstream CSO Samson Mow said that tokenized Bitcoin only proved that the Ethereans needed Bitcoin:
“The reason Bitcoin is kept for use in Ethereum is because it is stable and reliable. That’s why it seems the Ethereans prefer to use tokenized Bitcoin instead of Ether to do their thing in DeFi.
Bitcoin investors would be switching to ‘Wrapped BTC’ for yield farming
Samson Mow’s argument was labeled a “blatant lie” in a YouTube video response posted by Bankless. Bankless’s presenters said that Bitcoin has exactly the same problems with escalation and high transaction rates when the demand is high as Ethereum, and claimed that the way Bitcoin “scales” right now is through a token at Ethereum.
Like many ETH fans, they had a negative reaction to Mow’s attacks on the project and said they had turned off the podcast in disgust.