Wrapped Bitcoin (WBTC) has found new life thanks to its new use case as collateral on the Maker platform.
The number of Wrapped Bitcoin has more than doubled since the cross-chain currency was added as a collateral option on the Maker protocol. Total Bitcoin locked rose from about 1,000 to nearly 2,300 since the Maker proposal was passed, with more Bitcoin locked in under two weeks than all that were locked since the WBTC launched in January 2019. The total value locked reached an all-time high of $22.45 million on May 14.
The inflows show there’s been a massive renewal of interest in WBTC, and in unlocking the growing liquidity trapped on the Bitcoin chain.
In just a few short weeks, WBTC has shown all it needed was a viable use case to attract more attention than had ever been seen before. This could be interpreted as a metaphor for DeFi itself, which may be just one one killer app away from bringing users flooding into one of crypto’s fastest growing sectors.
Bitcoin's network hashrate recovered this weekend following a worrying post halving dip.
The Bitcoin network’s hashrate represents the combined amount of computing power spent on mining new blocks. Today, it hit highs of 103 exahashes per second.
This is a recovery from Thursday’s dip, when the Bitcoin network was backed by 87 exahashes per second—that’s the lowest it’s been since December.
The hash rate likely dipped on Thursday due to the Bitcoin halving, when mining rewards were cut from 12.5 to 6.25 BTC per block. This meant that less powerful miners were taken offline, since it was no longer profitable to run them.
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