• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Polymarket Set To Go Live In The US Following CFTC Approval, Says CEO
Bitcoin Ethereum Tether Energy

Tokenized BTC On Ethereum Plunges 44% in 1 Year, What Happened?

Dalmas Ngetich
by Dalmas Ngetich
2 years ago
·
Posted in DeFi
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to data from Dune Analytics on July 24, the amount of Wrapped Bitcoin (wBTC), a synthetic form of Bitcoin, circulating on Ethereum has fallen by 44% since May 2022. In July 2023, wBTC circulating on Ethereum stood at approximately 158,000 BTC, a sharp decline from 282,000 BTC recorded in May 2022.

Interestingly, on-chain records also showed that the amount of wBTC minted and circulated in Ethereum, primarily for decentralized finance (DeFi) purposes, continued to rise in the first five months of 2022. It peaked in May 2022 amid a market-wide contraction of crypto prices that saw Bitcoin cool off from 2021 peaks of over $69,000.

BTC on Ethereum: Dune Analytics
BTC on Ethereum: Dune Analytics

BTC On Ethereum Falls

Bitcoin holders often tokenize their coins, converting them into ERC-20 tokens in Ethereum to participate in various DeFi activities. These engagements may include staking to increase returns, yield farming to maximize returns, lending, and borrowing to receive USDT or DAI and other coins through platforms like MakerDAO.

Related Reading: South Korean Private Banks Explore Alternatives To Private Stablecoins And CBDCs

Among the popular tokenized Bitcoin are wBTC, renBTC, tBTC, and others. However, as of July 24, a significant percentage of tokenized Bitcoin in Ethereum was wBTC, with over 158,000 tokens circulating. Users also chose other platforms to mint hBTC and renBTC.

The decline in tokenized Bitcoin highlights the general state of DeFi in Ethereum and other platforms, including BNB Chain, Avalanche, and Polygon. As of July, there has been a marked decline in DeFi activity over the past year from the number of assets locked in various protocols across the ecosystem.

DeFi Activity Decimated By Bears

DeFiLlama data on July 24 shows that the total value locked (TVL), an indicator of demand, has contracted from over $177 billion registered in November 2021 to less than $50 billion. Even so, while DeFi TVL has remained below $50 billion in 2023, most DeFi activity still revolves around Ethereum, highlighting its dominant position in the DeFi space. Data shows that Ethereum’s share of the total TVL is over $24 billion, a more than 50% share.

Related Reading: Dogecoin Forms Similar Trend That Led To 2021 Rally, But There’s A Problem

The drop in DeFi activity can be primarily attributed to the crypto winter of 2022, a period of bearish market sentiment and reduced overall crypto market activity, which forced most asset prices to lower. Among the coins adversely affected by bears was ETH, the native currency of Ethereum, which fell from around $4,800 to as low as $1,100.

During this time, tokens of top DeFi protocols, including Uniswap, posted deep losses. After peaking at around $45, UNI, the governance token of Uniswap, crashed to as low as $3 in the last bearish cycle.

UNI price on July 24 after token BTC on Ethereum falls| Source: UNIUSDT on Binance, TradingView
UNI price on July 24| Source: UNIUSDT on Binance, TradingView

Beyond the effects of falling crypto prices in 2022, the relatively high fees in Ethereum have also impacted DeFi activity. Trackers on July 24 show that sending a simple ETH transaction attracts a $1.86 fee. Meanwhile, the same transaction costs cents in competing protocols like Polygon or Avalanche. Presently, a simple transfer via Polygon zkEVM, for instance, is $0.09.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Dalmas Ngetich

Dalmas Ngetich

Follow

Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

Full Profile

Related Posts

DCA Bitcoin BTC

Bitcoin sa drží nad 114 000 $. Oplatí sa stratégia DCA pri súčasnej cene Bitcoinu?

4 weeks ago
cena bitcoinu nove historicke maximum ATH 123 tisíc dolárov

Cena Bitcoinu dnes vyskočila nad 123 000 $. Začína „krypto týždeň“

1 month ago
Tokenized RWA Just Flipped The Switch – Onchain Finance Narrative Back On

Tokenized RWA Just Flipped The Switch – Onchain Finance Narrative Back On

1 month ago
Crypto

Senate To Address IRS DeFi Broker Rule: Overturn Vote Expected By Week’s End

5 months ago
X Money to Support Crypto at Launch? Best Wallet Is the Perfect Companion

X Money to Support Crypto at Launch? Best Wallet Could be the Missing Link

7 months ago
Ethereum Token Terminal

Are Ethereum DeFi Titans Like Uniswap, Maker, And Lido Grossly Undervalued?

1 year ago

Premium Sponsors

Press Releases

  • miner

    Expectations of a Federal Reserve rate cut and demand for...

    24 minutes ago
  • miner

    BlackRock suspends XRP listing, price faces resistance...

    37 minutes ago
  • miner

    The September Curse Returns: How Crypto Investors Can...

    50 minutes ago
  • Ethereum Price USD: The Latest Innovations of Crypto’s...

    2 hours ago
  • XRP Cloud Mining

    New Crypto Moves: FOR CRYPTO Launches AI Cloud...

    2 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.