Wrapped Bitcoin (WBTC), developed by BitGo, Kyber Network, and Ren, continues to dominate the tokenized Bitcoin market, despite facing criticism and growing competition.

Current State of WBTC

According to Binance Research, WBTC's weekly transactions reached an all-time high of 123,200. For several consecutive weeks, it surpassed 100,000 weekly transactions. WBTC's supply has also grown to 152,400, representing over 65% of the market.

Criticism and Partnership

In August, WBTC partnered with BitGlobal and Tron founder Justin Sun to expand operations into new jurisdictions like Hong Kong and Singapore. However, Sun's involvement was criticized by the crypto community, who claimed he cannot single-handedly control the funds.

Ethereum and Inflation

The report also highlights that Ethereum is becoming inflationary. In the past month, inflation reached a level not seen in the past two years. The decrease in transaction fees following the Dencun upgrade has led to fewer coins being burnt on the network.

Despite criticism, Wrapped Bitcoin maintains a significant market share. Meanwhile, the market continues to monitor inflation changes in the Ethereum network and its future status as ultrasound money.