Money Reimagined: Bitcoin and Ethereum Are a DeFi Double Act

in #ethereum5 years ago

Tensions between the Bitcoin and Ethereum tribes have been stirred by a trend that outsiders might see as a sign of harmony. 

Throughout June, the amount of tokenized bitcoin on Ethereum, the bulk of it in WBTC, a special ERC2 token known as “wrapped bitcoin,” soared from 5,200 BTC to 11,682 BTC – now worth around $108 million – according to btconethereum.com.

As is their wont, each faction described the growth of WBTC tokens, whose value is pegged one-to-one against a locked-up reserve of actual bitcoin, as proof of their coin’s superiority over the other. The Ethereum crowd said it showed that even BTC “hodlers” believe Ethereum-based applications provide a better off-chain transaction experience than platforms built on Bitcoin, such as Lightning or Blockstream’s Liquid. Bitcoiners, by contrast, took it as confirmation that people place greater value in the oldest, most valuable crypto asset, than in Ethereum’s ether token.

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