• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

A record $1.2 billion Bitcoin converted to Ethereum

5 years ago
in Business, Cryptocurrency, highlights, Home, latest News, Technology
2 min read
0 0
0
bitcoin and ethereum - norvanreports

bitcoin and ethereum - norvanreports

94
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The amount of Bitcoin converted into Ethereum-based ERC-20 tokens had hit $1.2 billion, per data from Dune Analytics.

This means that 0.5 per cent of all of Bitcoin’s market cap has been ported to the Ethereum blockchain, also equivalent to 3 per cent of Ethereum’s market cap.

This is the most Bitcoin that’s moved over to the Ethereum blockchain to date. Just weeks ago, the figure was less than half what it is today, sitting at just over $500 million.

The Bitcoin blockchain is incompatible with the Ethereum blockchain, but it’s possible to stake Bitcoin in certain protocols and receive synthetic, Ethereum-based Bitcoin. These are ERC-20 tokens—the generic token standard on Ethereum—that represent Bitcoin.

Popular options include wBTC, renBTC and the newly launched tBTC. Some, such as wBTC, are custodial, meaning that you give your Bitcoin to a company and they’ll give you wBTC, also known as Wrapped Bitcoin, in return.

Others, such as tBTC, are non-custodial, meaning that you give your Bitcoin to a protocol and the code—not a company—issues you with tBTC.

People might port Bitcoin over to Ethereum to enjoy the full spectrum of decentralized finance (DeFi) products, such as non-custodial lending protocols, decentralized exchanges and (yet more) synthetic assets.

RelatedPosts

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

These sorts of crypto-lending and yield-generating services are otherwise largely unavailable to Bitcoin holders.

DeFi is this summer’s great, big, new thing, partly responsible for this summer’s Ethereum bull run. As of this writing, $10.5 billion is locked up in DeFi smart contracts, per metrics site DeFi Pulse.

Its rise is, again in part, due to the new token distribution mechanisms, such as giving out so-called governance tokens—tokens that let holders vote on proposals to update the network—for using the protocols. 

Some, such as Set Protocol, issue these yield farming rewards—the practice is known as yield farming—for wBTC, i.e. synthetic Bitcoin. 

wBTC is the most popular synthetic Bitcoin on Ethereum; it has 73.6 per cent of the market’s supply, renBTC has 18.4 per cent, and Huobi BTC, or hBTC, has 4.2 per cent. 

Tags: Bitcoinblockchaincrypto-lendingcryptocurrencyEthereumhBTCrenBTCtBTCwBTC
No Result
View All Result

Highlights

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

CAF Establishes New Infrastructure Department to Enhance Stadium Development Across Africa

Bibiani Gold Stars Set to Begin GPL Title Defence Against Bechem United as Fixtures for 2025/26 Season Are Released

Gov’t Increases Producer Price of Cocoa to GHS 51,660 per Tonne for 2025/2026 Season

Trending

Business

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

August 4, 2025

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025...

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

August 4, 2025

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

August 4, 2025

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

August 4, 2025

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.