Ethereum based tokenized bitcoins have been growing considerably this year, jumping in July from about $3.4 million to more than double near $7 million as pictured above.
The very new project launched only in October 2018 at the depth of the bear market, with it working pretty much like Tether, but for bitcoin.
Here there’s ostensibly a Decentralized Autonomous Organization (DAO) in a mini consortium of a number of primarily eth projects.
The idea of a Wrapped BTC (WBTC) however is pretty much the same as that of a stable coin like USDT.
You hand over your bitcoin to a custodian, and you receive an ERC20 token, WBTC, corresponding 1:1. At any time you can return this token and get bitcoin, with additional transparency here because there’s a blockchain auditable on both ends.
Initially it looks like there wasn’t much uptake, but gradually and especially since May there’s a fairly straight up line as crypto prices went up.
The Lightning Network (LN) in contrast took a lot longer to gain traction, almost a year, with its growth thereafter a bit slower.