![\"Bitcoin](\"https:\/\/u1f987.com\/wp-content\/uploads\/wbtc-vs-btc-mined.png\")
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With a block reward of 6.25 BTC and a block time of 10 minutes, miners produce around 900 coins per day.<\/p>\n
WBTC leads the market capitalisation among Bitcoin-on-Ethereum tokens. According to the BTC on Ethereum service, the market capitalisation of the bitcoin-backed token WBTC reached $346m. According to Dune Analytics, of 31,000 tokenised bitcoins, 75% have taken the form of this token.<\/p>\n
According to DeFi Market Cap, WBTC sits in 11th place among DeFi tokens. DeFi Pulse puts it seventh by the value of locked assets.<\/p>\n
Until mid-May, the volume of tokenised bitcoins was under 3,000 coins, but since then there has been a surge in their issuance. This was the consequence of growing interest in BTC among DeFi protocol users.<\/p>\n
\n\u201cWBTC is showing a solid ascent amid surging demand for Bitcoin in the DeFi space. I expect the trend to continue,\u201d said Kyle Davies, co-founder of Three Arrows Capital.<\/p>\n<\/blockquote>\n
In July, Three Arrows used BitGo’s services to tokenise the Bitcoin it holds. The crypto processing and custodian services provider has been actively involved in distributing WBTC since 2019.<\/p>\n
According to Su Zhu, co-founder of Three Arrows Capital, over the course of a year WBTC will become a \u201cfirst-class asset\u201d for the DeFi ecosystem on a par with USDC and USDT.<\/p>\n
Earlier, WBTC entered<\/a> the list of 16 assets that could be listed on Coinbase, the largest US cryptocurrency exchange.<\/p>\n