First in a bigger series of dAppradar’s reports, which explore how value moves around after entering the blockchain industry, revealed that the amount of Bitcoin (BTC) sitting in centralized exchanges (CEX) is at its lowest point in 2021, while Wrapped Bitcoin (WBTC), the first ERC20 token backed 1:1 with Bitcoin, doubled since the start of the year. Besides tracking the flow of the main cryptos, the data acquisition and analysis company delved into how stablecoins, which are cardinal for interacting with decentralized finance (DeFi) protocols, affect the space. Tracking Bitcoin and Ethereum “Looking at BTC reserves, we calculate the reserve to circulating supply ratio at 12.67%, the lowest in 2021.
The reserve to circulating supply ratio indicates the amount of the asset available in CEX compared to the total circulating supply,” read the report, while revealing that “there are more than 20,000 WBTC tokens locked in Ethereum (ETH) DeFi dapps.
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