"A record $1.2 billion Bitcoin converted to Ethereum"

" \n The amount of Bitcoin converted into Ethereum-based ERC-20 tokens had hit $1.2 billion,\u00a0 per data from Dune Analytics . \n \n\n \n This means that 0.5 per cent of all of Bitcoin\u2019s market cap has been ported to the Ethereum blockchain, also equivalent to 3 per cent of Ethereum\u2019s market cap. \n \n\n \n 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 . \n \n\n \n The Bitcoin\u00a0blockchain\u00a0is incompatible with the\u00a0Ethereum\u00a0blockchain, but it\u2019s possible to stake Bitcoin in certain protocols and receive synthetic, Ethereum-based Bitcoin. These are ERC-20 tokens\u2014the generic token standard on Ethereum\u2014that\u00a0 represent\u00a0 Bitcoin. \n \n\n \n Popular options include\u00a0 wBTC , renBTC and the newly launched tBTC. Some, such as wBTC, are custodial, meaning that you give your Bitcoin to a company and they\u2019ll give you wBTC, also known as Wrapped Bitcoin, in return. \n \n\n \n Others, such as tBTC, are non-custodial, meaning that you give your Bitcoin to a protocol and the code\u2014not a company\u2014issues you with tBTC. \n \n\n \n People might port Bitcoin over to Ethereum to enjoy the full spectrum of\u00a0decentralized finance\u00a0(DeFi) products, such as non-custodial lending protocols, decentralized exchanges and (yet more) synthetic assets. \n \n\n \n These sorts of crypto-lending and yield-generating services are otherwise largely unavailable to Bitcoin holders. \n \n\n \n DeFi is this summer\u2019s great, big, new\u00a0 thing , partly responsible for this summer\u2019s Ethereum bull run. As of this writing,\u00a0 $10.5 billion is locked up in DeFi smart contracts , per metrics site DeFi Pulse. \n \n\n \n Its rise is, again in part, due to the new token distribution mechanisms, such as giving out so-called governance tokens\u2014tokens that let holders vote on proposals to update the network\u2014for using the protocols.\u00a0 \n \n\n \n Some, such as Set Protocol, issue these yield farming rewards\u2014the practice is known as yield farming\u2014for wBTC, i.e. synthetic Bitcoin.\u00a0 \n \n\n \n wBTC is the most popular synthetic Bitcoin on Ethereum; it has 73.6 per cent of the market\u2019s supply, renBTC has 18.4 per cent, and Huobi BTC, or hBTC, has 4.2 per cent.\u00a0 \n "

"A record $1.2 billion Bitcoin converted to Ethereum"

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