Thread by @RyanWatkins_

Bitcoiners have ported more than half a billion dollars worth of #BTC onto Ethereum in 2020.

As yield bearing opportunities within Ethereum’s DeFi universe expands, demand to port value from the outside will only increase.

and are building the trustless bridges.

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Many interoperability protocols are not yet fully built out.

But what is clear is there’s real demand for interoperability and a big opportunity.

Bitcoin provides more than $200bn in capital that could potentially enter Ethereum’s DeFi ecosystem.

messari.io/article/bridgi…

There has been a massive uptick in #BTC on Ethereum since the DeFi boom kicked off.

The amount of BTC on Ethereum has nearly doubled since the launch of CRV on August 13.

But not all pegged BTC is made equal.

Each solution has trade-offs around economics and security.

To date, BitGo has been the undisputed leader in bridging Bitcoin to Ethereum through its wBTC token.

The problem is it's centralized.

Two decentralized challengers have emerged in the form of RenVM and Keep Network.

Instead of trusting a centralized custodian like BitGo, users of RenVM and Keep entrust their BTC to a decentralized custodian network.

Keep launched in May but had to pause user deposits after a vulnerability was discovered in its code a few days after it launched.

RenVM on the other hand has facilitated more than $380 million in volume between chains and currently custodies more than $130 million in assets.

But the above is not the full story. There are critical differences between these two solutions.

The differences may have significant implications on valuation, security, adoption and more.

Ren has the head start, but is it enough to fend off Keep?

messari.io/article/bridgi…