Hitting an all time high - more than 550 bitcoin ($5.8 million) has now been locked up in an Ethereum-based protocol, called wrapped Bitcoin. WBTC is a token on the Ethereum network backed by Bitcoin and pegged to its value.
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Reducing bitcoin's supply: 550 BTC now locked up as WBTC
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But looking further down the line, it might start to make a difference. Wrapped bitcoin has only been around since January this year. Since the start of July, the amount of bitcoin that has been locked up in the network has jumped 70 percent. And with the rise of DeFi apps in general, with more awareness being raised—especially around Maker DAO—this number could start growing rapidly.
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