Wrapped Bitcoin (WBTC), a wrapped version of Bitcoin developed by BitGo, Kyber Network, and Ren, continues to dominate the tokenized BTC market despite criticism around the project, according to Binance Research\u2019s latest monthly report.<\/p>\n
The wrapped token represents Bitcoin at 1:1 on other blockchains such as Ethereum and Solana. This allows users to access BTC on the decentralized finance landscape.<\/p>\n
Binance Research\u2019s record showed that WBTC\u2019s weekly transactions have attained an all-time high of 123,200. For several consecutive weeks, it also saw over 100,000 weekly transactions for the first time. WBTC\u2019s supply has also soared over 152,400, representing over 65% of the market share.<\/p>\n
WBTC\u2019s current metric is applaudable because of several factors. One is its creator\u2019s decision in August to partner<\/a> with BitGlobal and the Tron founder Justin Sun to expand the asset\u2019s operations to other jurisdictions like Hong Kong and Singapore. The partnership also aimed to redesign WBTC\u2019s custody structure.<\/p>\n However, various crypto community members criticized<\/a> Sun\u2019s involvement in the joint force. BitGo\u2019s CEO, Mike Belshe, tried to calm matters by assuring users that the Tron founder cannot single-handedly move funds. Following the community backlash, crypto projects like Sky (formerly MakerDAO) proposed removing WBTC from its collateral.<\/p>\n Weeks after the community members\u2019 criticism, other companies emerged with their wrapped Bitcoin tokens. A popular one is Coinbase\u2019s cbBTC, a wrapped Bitcoin launched<\/a> on Ethereum and Base. Shortly after its debut, cbBTC soared to being the third-largest wrapped Bitcoin.<\/p>\n Another issue from the market report is that Ethereum is currently leaning toward inflation. In the past month, its inflation reached a level not seen in two years.<\/p>\n Ethereum claims to adopt an ultrasound money system, which makes ETH resistant to inflation while bolstering purchasing power. However, Binance Research\u2019s report shows that the second-largest cryptocurrency is shifting from the deflationary zone.<\/p>\n Following the Dencun upgrade, the network saw a decline<\/a> in transaction fees, resulting in fewer ETH coins being burnt. With ETH\u2019s issuance rate reaching approximately 0.74% in 30 days, market observers believe the coin is entering the inflationary zone.<\/p>\n Binance Research stated that it would reclaim its deflationary status if there were a significant increase in network activity on the mainnet.<\/p>\n The post BitGo\u2019s WBTC Retains Over 65% Market Dominance Despite Criticism of Custody Model: Report<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Wrapped Bitcoin (WBTC), a wrapped version of Bitcoin developed by BitGo, Kyber Network, and Ren, continues to dominate the tokenized BTC market despite criticism around the project, according to Binance Research\u2019s latest monthly report. The wrapped token represents Bitcoin at 1:1 on other blockchains such as Ethereum and Solana. This allows users to access BTC […]<\/p>\n","protected":false},"author":0,"featured_media":11878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11877"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11877"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11877\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11878"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Ethereum Becomes Inflationary<\/h2>\n