New Record for BTC to ETH conversion

In the world of cryptocurrencies and blockchain you can never really justify what could happen next.
Something interesting occured and the above statement is really justified for what has occured recently. You all might be knowing that there have been several BTC to ETH conversions in the past.
The amount that use to get convert to Ehereum or we can say the Bitcoin that use to convert to Ethereum base representation of bitcoins was really not considerable , specially if we compare it with the recent conversion that has took place.
So the fact is that 114,889 Bitcoins have been converted to Ethereum based representation of Bitcoins (Ethereum based ERC-20 tokens).
The amount has hit $1.2 billion at present. This means that 0.5% of the entire bitcoin market cap has been ported to the Ethereum blockchain now.
This is also equivalent to 3% of the Ethereum's total market cap.

The Calculations

So according to the basic calculations availabe to us it is so sure true that this is the highest amount that has ever moved from btc to eth blockchain till date.
And amazingly , it was just few week ago that this figure was not even half of what it is today , sitting at over $500 million only.

So , how is it possible to convert BTC to ETH...?

For those of who do not know , i must tell that yes the Blockchain of Bitcoin is really not compatible with the Ethereum's Blockchain. But , if that is true how was so much amount of bitcoin converted to Ethereum.
Actually , it is possible to stake bitcoin in certain protocols and receive synthetic , Ethereum based Bitcoin.
These are nothing but what you call ERC-20 tokens i.e the generic token standard on Ethereum that represent bitcoin.
now there are popular options available like you can receive wBTC , renBTC swapping bitcoin.
so what are these wBTC and renBTC...?

wBTC , renBTC , and tBTC

wBTC are custodial , that means you give your bitcoin to a company and in return they give you wBTC i.e wrapped Bitcoin. Wrapped Bitcoin (WBTC) is an ERC-20 token backed 1:1 by Bitcoin.
Now talking about renBTC , renBTC isn't a synthetic, it doesn't rely on a liquidation mechanism, and it's not the price of Bitcoin on Ethereum. It is a one to one representation of Bitcoin on Ethereum that can be redeemed for BTC at any time, in any amount.
Now tBTC is the newly launced ERC-20 token that's trustlessly backed by and redeemable for Bitcoin (BTC). It is non-custodial i.e you give your bitcoin to a protocol and the code and not a company unlike wBTC here and in return receive tBTC.

What is the need of this moving of BTC to ETH...?

One of the major reason can be that people might want to enjoy the full spectrum of DeFi (Decentralized Finance) products such as non - custodial lending protocols , DEx(Decentralized Exchange) and synthetic assets.
These sorts of crypto-lending and yield-generating services are simply not available to Bitcoin holders , so this can be a strong point why people move to Ethereum's Blockchain.

Conclusion

People are and people will continue to move to Ethereum's blockchian. we all know that DeFi has gained a lot of attention of the people , not only thisit was responsible for the Ethereum bull run this summer.
So my conclusion is that the amount will increase in future as well for sure. What about all you readers here , do share your opinion with me in the comments below.
Lastly i would like to share that the most popular synthetic Bitcoin on Ethereum is wBTC with 73.6% of market supply and renBTC has 18.4% of the market supply.

So that's it for this post. i hope every reader here might have gathered some info for sure. See you in my next post...! Thank You...!