Wrapped Bitcoin ‘Burns’ Increase as Traders Rotate Capital Out of Cooling DeFi
WBTC burns picked up in November, continuing into December.
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BitGo “unwrapped” over 11,600 WBTC last month.
The recent DeFi frenzy has seen $900 million worth of Bitcoin tokenized using Wrapped Bitcoin over the past two months. The recent DeFi bull-cycle has pushed the total value locked (TVL) of popular Bitcoin (BTC) tokenization protocol Wrapped BTC (WBTC) up by 900% to surpass $1 billion.The milestone comes four weeks after the TVL of all Bitcoin tokenized on Ethereum (ETH) surpassed $1 billion for the first time . The current TVL of tokenized Bitcoin is nearly $1.5 billion, of which WBTC currently represents one-third.Wrapped Bitcoin is now the fifth-largest DeFi protocol in terms of TVL,....
Wrapped tokens have become increasingly popular because they allow traders and investors to utilize their crypto-assets on different blockchain networks. For instance, Wrapped Bitcoin, which now accounts for roughly 1% of all Bitcoin in circulation, may be used on the Ethereum (ETH) blockchain to engage in various types of decentralized finance (DeFi) transactions. However, it […]
Ethereum-based traders turn their noses up at Huobi’s latest wrapped assets, including BSV and LTC Following the success of HBTC -- the wrapped Bitcoin tradable on Ethereum currently securing nearly $70 million in BTC -- Huobi Global has released the latest in its “H-token” series: Litecoin and Bitcoin SV. However, traders and developers thus far don’t seem interested.First announced in September, the H-token series promised to bring a wide range of assets to Ethereum. Huobi CIO and head of Huobi DeFi Labs, Sharlyn Wu, said in a press release that the offerings would be aimed at empowering....
Bitcoin mining companies are now increasingly experimenting with immersion cooling, a form of cooling that allows them to get more hashpower out of existing miners. According to industry insiders, this cooling alternative will become mainstream in the future, as leading companies are already taking advantage and retrofitting these cooling devices to existing mining operations.
Immersion Cooling Getting Attention From Miners
Miners are experimenting with an alternative and lesser employed method for maintaining their equipment, called immersion cooling. This cooling process....