The total value of Bitcoin-pegged coins on Ethereum exceeds $1.2 billion, breaking the historical high again

According to BlockBeats, on September 30, according to DeBank data, the total amount of Bitcoin-pegged coins on Ethereum has exceeded 123,000 (with a total value of over $1.23 billion). This means that 0.5% of Bitcoin's market value is locked on the Ethereum blockchain.

However, just a few weeks ago, the value of Bitcoin-pegged coins on Ethereum was just over $500 million, less than half of what it is now. Data shows that the most popular Bitcoin-pegged coins currently include wBTC, renBTC and HBTC.

Some of these pegged coins, such as wBTC, are custodial, meaning users give their bitcoin to a company and they return wBTC in return. Others, such as tBTC, are non-custodial, meaning users give their bitcoin to the protocol and the code automatically (not the company) issues tBTC to the user.

According to previous reports by LIDONG, on September 25, the crypto quantitative trading company Alameda Research minted 2,317 WBTC in a single mint, setting a record for the largest number of WBTC minted in a single mint. The company's founder, Sam Bankman-Fried, believes that due to the continued growth of the DeFi field, the market demand for wBTC will continue to remain strong.