Tokenized bitcoin (BTC), primarily wrapped bitcoin (WBTC) and Coinbase’s cbBTC, now represent over 172,130 BTC, extending bitcoin’s utility far beyond its native blockchain according to the latest Coin Metrics State of the Network report published June 3. Coin Metrics analyst Tanay Ved found that these wrapped assets enhance BTC’s accessibility and interoperability across chains like Ethereum, Base, and Solana.
Source: Coin Metrics report by Tanay Ved
These types of tokens employ varying custody and governance models, Coin Metrics notes. WBTC uses a multi-party DAO, while cbBTC is centrally managed by Coinbase. Threshold’s tBTC represents a decentralized, smart-contract-based alternative. Despite differing trust assumptions, users relinquish custody of native BTC for tokenized versions usable elsewhere.
The total supply of WBTC has quintupled since January 2023, Coin Metrics data shows. WBTC remains dominant with 128,800 BTC (81% share), largely on Ethereum. Coinbase’s cbBTC, issued natively on Base, Ethereum, and Solana, holds 43,100 BTC (19% share) and is gaining ground, partially offsetting recent WBTC softness identified by Coin Metrics.
Onchain activity reveals distinct usage patterns, the Coin Metrics report details. cbBTC on Base leads in daily active addresses (~7,000) and recorded massive weekly transfer volumes averaging ~$40B (excluding outliers), far exceeding WBTC on Ethereum. Coin Metrics attributes Base’s lead to low costs and broad Coinbase distribution, while Solana also shows high activity. Velocity metrics confirm that tokenized BTC changes hands more frequently than native BTC.
Demand is heavily driven by decentralized finance (DeFi), Coin Metrics’ report emphasizes. Over $7 billion worth of WBTC ($5B) and cbBTC ($2B) is locked as collateral in lending protocols like Aave and Morpho. WBTC dominates Ethereum DEX volume, led by Uniswap v3, while cbBTC is the leading tokenized Bitcoin on Base DEXs like Aerodrome, per Coin Metrics’ DEX data.
While unlocking significant utility, Coin Metrics researchers conclude that custodial models centralize risk, a trade-off against the liquidity and cross-chain functionality they enable. Tokenized BTC is likely to remain a crucial bridge between bitcoin’s store-of-value role and programmable economies on other networks, Coin Metrics concludes.
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