The supply of renBTC, a wrapped Bitcoin competitor putting Bitcoin value on the Ethereum blockchain has jumped 200% in less than a week. Source- Dcrypt, By Alexander Behrens
Ren Project's renBTC has seen a nearly increase- from $59 million to more than $179 million- in locked BTC transferred to the Ethereum Blockchain since August 13, according to data collected from DeFi pulse.
Singapore-based Ren was founded in 2017 and raised more than $34 million in a 2018 ICO. RenBTC was released in may 2020. The recent iteragation of ren into MyEther Wallet may be responsible for some of the recent increase inn interest.
Decrypt reported earlier in august that renBTC was approaching 10% of the total supply of Bitcoin locked on Ethereum. In just a eek's time, that figure has grown to more than 22%, even as the total supply of Bitoin on Ethereum continues to expand across the board.
Such change could be early indications that while WBTC is the go to method of transferring liquidity today, the non-custodial renBTC may be the preferred option of tomorrow.
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