The supply of Wrapped Bitcoin (WBTC) on the Ethereum blockchain has contracted by 3.7% over the past month since Justin Sun, a prominent figure in the crypto industry, announced his involvement. The largest reductions in supply are believed to be from Coinlist, FalconX, and Abra. WBTC gained attention when it announced a transition in custody from BitGo to a joint venture involving BitGo, BiT Global, and Sun. This decision initially caused MakerDAO to limit the issuance of its token, Dai, by borrowing against WBTC, but the restriction was later lifted. Other firms have used this opportunity to promote alternative products or changes to existing ones. Despite the introduction of competing tokens such as cbBTC and kBTC by Coinbase and Kraken respectively, WBTC still holds the majority of adoption in this space.
- Content Editor ( protos.com )
- 2024-10-22
WBTC supply contracts this month following Justin Sun custody drama