#DeFi / Nearly $100M in Bitcoin Moved to Ethereum in July

Ethereum is still the most popular off-chain destination for bitcoins as its supply of tokenized bitcoin (BTC) grew more than 70% in July.

More than 20,000 BTC – worth roughly $225 million – are now tokenized and used in Ethereum-based protocols… Tokenized bitcoins allow traders and investors to denominate transactions in bitcoin while using applications built on other blockchains.

[CoinList:] “We experienced a dramatic WBTC growth in July, led by our retail users.”

… renBTC, the second largest supply of tokenized bitcoin, holds approximately 2,068 BTC.

Tokenizing bitcoins on Ethereum is “the biggest opportunity for decentralized finance’s growth today,” said Andy Bromberg, president of CoinList…