Analysis: WBTC holds 59.7% of the market share for wrapped BTC, making it the largest scale application of BTC wrapped tokens

According to on-chain analyst @ai_9684xtpa, the Trump crypto project WLFI converted some of its USDC into cbBTC and ETH yesterday. It currently holds $9.96 million worth of cbBTC. After the WBTC custody controversy, exchanges such as Coinbase/Kraken and other well-known forces entered the market. Here is the current market share status of various wrapped BTC: WBTC accounts for 59.7%, launched in 2019 and still has the largest application scale; BTCB accounts for 27.7%, a BSC network anchored asset launched by Binance; cbBTC accounts for 7.28%, quickly entered top three tiers after being launched by Coinbase this September; BTC.b accounts for 2.3% which is cross-chain BTC on Avalanche network; tBTC is an open-source project supported by Keep, Summa, and Cross-Chain Group that wraps BTC in ERC20 form.