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BTC on Ethereum To Reach 20 Times Its Current Volume by Next year

Spencer Noon noted that Bitcoin wrapped on Ethereum would reach up to a whopping high by next year estimatedly 20 times its volume. The crypto strategists have forecasted a progressive rise in the Bitcoin on Ethereum over the next few months, a clear indicator of growth capital in the Decentralized Finance market. The BTC on the Ethereum based DeFI platforms is currently 131,075 stored as Wrapped Bitcoin.

DeFI Gaining Momentum

The users’ increased affinity towards DeFi Platforms has compelled many crypto holders to move towards the DeFi tokens like Ethereum. Now, the trick is that the users cannot transfer BTC to ETH directly, so they use the Wrapped Bitcoin as an intermediary to convert BTC to ETH. The wBTC are ER20 tokens.

The ongoing DeFi run may reportedly give Bitcoin a run for its money. Even in its nascent stage, the DeFi platforms have garnered a lot of attention from the crypto enthusiasts. Taking about the potential of the DeFi tokens, the experts have indicated that the DeFi platforms are a quite lucrative investment. Earlier in a statement, ConsenSys managing director Vladislav Sapov said that soon the Ethereum market cap might get equal to Bitcoin considering the Bullish trends of Ethereum and DeFi.

wBTC: A Means To Transition BTC to DeFi

wBTC was launched in January 2019, which soon became the BTC’s most substantial Ethereum Layer 2 network within four months, rising to a locked value of 1 Billion USD by 2020. Wrapped bitcoins enhance the liquidity of the Ethereum blockchain and help in converting BTC to Ethereum. By procuring more and more wrapped Bitcoins, the users can easily invest funds in the DeFi networks by converting the BTC tokens they hold.

DeFi: The Future of Crypto

The market trends show that along with the wrapped bitcoin, the locked value of the DeFi platforms is gaining excessive momentum in present times. The locked worth of BTC on the DeFi is reaching close to 11 Billion USD, which is a staggering amount showcasing ETH’s potential. 

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