10 DeFi protocols rule over 52% of WBTC in circulation

by Jonathan Adams

As of October 22, 2023, there are 79,839 individual wallets holding wrapped bitcoin, a token pegged 1:1 with bitcoin

Over the span of ten months, since mid-December 2022, wrapped bitcoin (WBTC) saw a decline of around 23,000 coins from its circulation. Today, WBTC has 79,839 distinct wallet holders. Strikingly, 73.76% of these tokens are concentrated within the top 100 holders.

As of October 22, 2023, there are 79,839 individual wallets holding wrapped bitcoin, a token pegged 1:1 with bitcoin. The circulating wrapped bitcoin tokens number 163,006, valuing the project at $4.88 billion. From December 17, 2022, there has been a 12.31% decline in wrapped bitcoin’s circulating supply, dropping from 185,909 wrapped bitcoin to 163,006 wrapped bitcoin.

The inception of the Wrapped Bitcoin project is credited to a collaboration between Bitgo, Kyber Network, and Ren (previously known as Republic Protocol). It made its debut on the Ethereum blockchain in late January 2019. Minting and redemption processes are facilitated via custodians, and participants using these two processes must abide by anti-money laundering (AML) and KYC regulations.

In terms of market capitalisation, WBTC claims the 16th rank among the top 20 crypto currencies. Data shows that dominant addresses are governed by leading decentralized finance (DeFi) entities like Aave, Compound, Arbitrum’s gateway, Polygon’s bridge, and Makerdao. The largest wallet “0x9ff” is designated as “Aave: aWBTC Token V2”, possessing 10.67% of the circulating wrapped bitcoin.

Following closely, the address “0xccF” stands as the second-largest holder, identified as “Compound: cWBTC2 Token,” commanding 9.84% of the circulating wrapped bitcoin. Compound also has its grip on the third-largest “0xc3d” wallet, with 7.96% of the wrapped bitcoin supply. Intriguingly, every top ten WBTC account is a DeFi protocol, collectively overseeing 52% of the circulating wrapped bitcoin.

The top 20 WBTC addresses hold a notable 59.18% of the total supply, while the leading 50 account for 68.09%. Nearly 73.76% of WBTC in circulation, totalling 120,230 WBTC, is held by the top 100 holders. WBTC is not only a pioneer of the wrapped crypto domain but also remains the biggest wrapped project concerning bitcoin reserves.

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