Ethereum News Today – Headlines for July 15

ethereum ecosystem
  • The Ethereum network has outpaced Bitcoin’s Liquid and LN
  • The rise in active public channels and network capacity could reverse LN’s position
  • DeFi on Ethereum has emerged as the likely destination for BTC

Cryptocurrency News Today – it is no secret that Bitcoin has been leading the way as the biggest crypto in the market despite being down at the moment. The network’s off-chain performance has also been picking up despite disappointing on the price front. Projects like the Lightning Network, Liquid Network, and DeFi have proved a springboard to drive growth and adoption for Bitcoin.

The Bitcoin Liquid Network, enables faster transactions with better privacy using its L-BTC. According to data issued by Arcane research, on December 1, 2019, the Liquid Network had over 97 L-BTC in circulation. This figure shot up six-fold to a total of 600 L-BTC in one month. Since then onwards it has posted tremendous growth to the tune of 413%. This move could be a signal that the project is gaining greater adoption.

The Rise in Active Public Channels and Network Capacity Could Reverse LN’s Position

As the Liquid network started to gain momentum, the Lightning Network too wasn’t far behind. This second layer payment protocol reportedly posted 14 months of growth consecutively upon its launch in March of 2018. However, it has since been experiencing a downtrend. However, the recent data suggest that it is set for a reversal because of the rise in active public channels and network capacity. Because the local consensus ensured that it is possible to have private channels between users, it became possible for the protocol’s adoption to go higher than what is seen in the public channels. According to BitMEX, about 28% of the Lightning Network’s channels are private.

DeFi on Ethereum Has Emerged as the Likely Destination for BTC

However, beating the LN and Liquid when it comes to off-chain growth, DeFi on Ethereum’s Network has now emerged the more-likely destination for Bitcoin. According to the report, the BTC backed ERC-20 token has been the most dominant off-chain option in terms of locked BTC. It has currently outpaced Liquid and the Lightning network by a wide margin.

From Nansen data, about 14,961 BTC were locked in tokenized Bitcoin protocols on Ethereum. This figure is four times the size of Liquid and Lightning combined. DeFi has so far had a great year. Wrapped BTC (wBTC) has also been the biggest token on the Ethereum network with no less than 11,136 BTC locked in the protocol. Because of the influx of innovation in the platform, tokenized supply has risen by 1439% Year to Date. As the growth of DeFi moved past that of Liquid and the Lightning Network, ERC-20 BTC tokens have accounted for about 81.2% of all off-chain supply of Bitcoin.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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