There are more bitcoins on Ethereum than on the Lightning Network

The Lightning Network has long been the best way to transfer bitcoins instantly and at no cost. However, the second layer network may well have a major competitor, namely Ethereum.

150% more BTC on Ethereum

According to the latest data, there are around 150% more bitcoins in circulation on the Ethereum network than on the Lightning Network .

In fact, the Ethereum network hosts 2,297 BTCs in the form of WBTC , a tokenized version of Bitcoin on Ethereum, or just over $ 20 million, according to data from DeFiPulse.

Amount of WBTC involved in Ethereum. Source .

For its part, the Lightning Network has a capacity of 928 BTC or about $ 8.1 million, as shown by the data from Bitcoinvisuals :

Obviously, these data do not take into account the rate of use of the two solutions . Although there are more bitcoins involved in Ethereum, that doesn't necessarily imply that Ethereum is used more than the Lightning Network for BTC transfer .

Where do all these BTCs come from?

Although this “flippening” between the Lightning Network and Ethereum dates approximately from March 21, Ethereum has taken an additional step ahead following the creation of 1000 WBTC by CoinList on May 11 as pointed out @Alexintosh by PieDAO:

While many netizens speculated around the possibility for CoinList to use its newly created WBTC to generate DAI through MakerDAO , it seems that the company has chosen to transfer them to Nexo , the crypto loan service centralized.

DeFi shock

This trend could well be confirmed in the future, as other decentralized finance protocols on Ethereum will add tokenized versions of bitcoin .

However, the Bitcoin ecosystem has not said its last word and could well regain sovereignty over its assets thanks to the emergence of DeFi platforms on Bitcoin !

Far from being a war, this increase in the number of BTCs on the Ethereum network reflects an increase in interoperability between the two blockchains.

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