WBTC touches the 1% mark | Source: Arcane Research
Why The Need For WBTC?
As the Ethereum DeFi ecosystem is highly lucrative, it’s not surprising that investors are looking to get their hands on some of those yields.
Below is a chart that visualizes the difference between WBTC and other tokens:
WBTC runs away from the rest | Source: Dune Analytics
Related Reading | Privacy Protection: The Future of DeFi
BadgerDAO is a decentralized autonomous organization that aims to build the products and infrastructure necessary to bring Bitcoin as collateral to other blockchains.
BadgerDAO has played an important part in Wrapped Bitcoin’s rise above its competition. The platform currently has $632 million in tokens locked in.
There are 13 vaults (called “setts”) in total on the website where you can deposit your tokens. A lot of these setts are liquidity pairs of WBTC and some other token. As a natural consequence, not all the value is locked under the wrapped token.
Badger offers quite low price-to-earning ratio | Source: BadgerDAO
The above chart is from a BadgerDAO report that shows that they have one of the lowest price-to-earning ratios when compared to other DeFI businesses.
Related Reading | Top 10 DeFi Projects in Q2 2021
In the past 30 days, the value of the cryptocurrency has dropped by 14%.
However, the general trend seems to have changed towards up in this past week of June so far. Below is a chart showing the variation in the cryptocurrency’s value:
As per a Voyager Digital survey, 87% of the respondents plan to buy more cryptocurrency in the coming months. 7 out of 10 respondents also believe market sentiment is bullish in the next three months.
However, other investors like Rich Bernstein feel that we are looking at a bearish market.