The migration of Bitcoin (BTC) to other blockchains has reached a new milestone. Data analytics from Dune Analytics and CoinMarketCap reveal that more than 299,000 bitcoin-pegged tokens are now hosted on Ethereum and the Binance Smart Chain (BSC), representing a total value exceeding $12.8 billion at current exchange rates.
Ethereum Dominates with WBTC and HBTC
Ethereum leads the pack with approximately 225,975 BTC-pegged tokens distributed across multiple projects. The largest is Wrapped Bitcoin (WBTC) with 178,865 tokens in circulation, worth over $7 billion. WBTC is now the 25th largest cryptocurrency by market cap, with its underlying bitcoin custodied by Bitgo. Other significant Ethereum-based tokens include HBTC (31,906), renBTC (12,009), imBTC (1,327), sBTC (1,149), tBTC (1,039), and pBTC (648).
Binance Smart Chain's BTCB Grows Rapidly
On the Binance Smart Chain, BTCB (BEP2) has a circulating supply of 54,598 tokens per CoinMarketCap, with a fully diluted market cap of over $2 billion and 24-hour trading volume of $159 million. However, BscScan data shows a total supply of 80,501 BTCB, suggesting the actual number may be even higher. Combined, Ethereum and BSC now host nearly 299,080 bitcoin-pegged tokens.
Layer 2 and Sidechains Trail Far Behind
Competing networks like the Lightning Network, RSK, and Liquid hold comparably small amounts. The Lightning Network has only 1,300 BTC ($56.3 million), RSK's RBTC totals 1,594 ($69 million), and Liquid's L-BTC stands at 2,914 ($126 million). Their combined total value locked (TVL) is just $251 million, a tiny fraction of the $12.8 billion on Ethereum and BSC.
Decentralized Exchange Ecosystem Drives Adoption
The popularity of bitcoin-pegged tokens on Ethereum and BSC is fueled by their vibrant DeFi ecosystems. WBTC can be traded on dozens of decentralized exchanges (DEXs) including Uniswap, Sushiswap, Curve, Balancer, Bancor, and Kyber. BSC's BTCB is primarily swapped on PancakeSwap. These pegged tokens enable cross-chain trading and reduce gas fees compared to the Bitcoin mainnet, making them attractive for DeFi users.
As the DeFi sector continues to expand, Ethereum and BSC are expected to maintain their dominance in bitcoin cross-chain solutions, leaving layer 2 and sidechain competitors with a steep climb to catch up.