WBTC withstands Justin Sun case, hits new record on Aave and soars on Coinbase

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WBTC withstands Justin Sun case, hits new record on Aave and soars on Coinbase
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Wrapped Bitcoin (WBTC) has been gaining prominence in the decentralized finance (DeFi) scene, reaching a new supply record on the Aave V3 platform, even after the controversial case involving Justin Sun.

The partnership between Bitgo and Bit Global, announced on August 9, 2024, gave new life to WBTC, which now dominates the Bitcoin derivatives market. In the same period, cbBTC, a token derived from Coinbase, also exploded, reaching a market value of US$247.8 million.

WBTC’s recovery after the Justin Sun scandal shows the resilience of the asset, which continues to grow in the DeFi ecosystem. Since Bitgo’s announcement, the accumulated amount of WBTC on Aave V3 has reached a new peak, with 37,013 tokens registered on the platform. This substantial increase reflects investor confidence despite recent controversies.

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WBTC supply has seen a small drop since August, with 154,727 tokens in circulation at the time of the partnership announcement, which now stands at 152,943.

WBTC recovers

However, this decline did not affect WBTC’s performance. This is because the token remains the main Bitcoin derivative on the market. Meanwhile, Binance’s BTCB product follows closely behind, with 65,301 tokens in circulation, consolidating itself as WBTC’s second-largest competitor.

Coinbase, for its part, has also seen explosive growth in its Bitcoin derivative, cbBTC. In just two weeks, cbBTC supply jumped from 3.89 BTC on September 11, 2024 to 3,887 tokens. This is an increase of 99,823%. This growth reflects the growing adoption of Bitcoin derivatives in the Coinbase ecosystem, which is now competing for space with other major players in the market.

In addition to WBTC and cbBTC, other Bitcoin derivatives are also showing signs of growth. Threshold Network, for example, with its tBTC, has seen a 12.74% increase in supply, rising from 3,140 to 3,540 tokens since August. FBTC, in turn, had more modest growth, going from 649 to 711 tokens in the same period.

The Bitcoin-backed token market is booming. And competition between these assets increases as DeFi platforms continue to evolve.

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Although WBTC has consolidated itself as the largest Bitcoin derivative in 2024, the growth of other tokens, such as Binance’s BTCB and Threshold Network’s tBTC, promises to heat up the scenario even further in the coming years.