The recent DeFi bull-cycle has pushed the total value locked (TVL) of popular Bitcoin (BTC) tokenization protocol Wrapped BTC (WBTC) up by 900% to surpass $1 billion.
The milestone comes four weeks after the TVL of all Bitcoin tokenized on Ethereum (ETH) surpassed $1 billion for the first time . The current TVL of tokenized Bitcoin is nearly $1.5 billion, of which WBTC currently represents one-third.
Wrapped Bitcoin is now the fifth-largest DeFi protocol in terms of TVL, representing nearly 10% of the entire sector’s locked capital. WBTC’s TVL pushed above $100 million for the first time around July 8.