Tag: erc20 tokens

FC Barcelona Fan Tokens Worth $1.3 Million Sold Out in Two Hours

The big football clubs are promoting blockchain integration with the development of blockchain-based fan tokens.

Following the emergence of fan tokens, FC Barcelona has sold out its first Barça Fan Tokens (BAR) of 600,000 recording a sale of $777 in less than 2 minutes. This milestone was announced in a tweet by Alexandre Dreyfus, CEO of Socios and Chiliz.

The approved websites in charge of the token sales saw an unusual surge in demand for them. Tokens which were bought by fans from more than 106 countries mark another milestone for the club, and Dreyfus’ establishments.

The Need for Club Fan Tokens

Barça Fan Tokens are a virtual asset with a predefined value and are designed to enable purchases, sales, and other financial transactions. They provide related values when compared to traditional fiat currencies. As tokens are already being used for an extraordinary range of purposes, a growing number of specialized blockchains have been developed with native intent to support them, the most popular of which are Ethereum and their ERC standard tokens.

The evolution of Barça Fan Tokens will help show true membership all over the world. Since the world has become a global village with the emergence of the digital age, fan tokens will promote more direct participation in the club’s affairs by fans all over the world. The first set of direct involvement the Barça Fan Tokens will go into creating a perfect mural design for FC Barcelona’s locker room.

Surge in Football Club Fan Tokens

Barcelona is trailing France based Paris Saint Germain (PSG) and Italy’s Juventus in launching a blockchain-based fan token. With increasing interest in these tokens, a new niche of blockchain customers will be founded, and this will lead to a massive adoption of blockchain technology.

Bringing Bitcoin to Ethereum: Wrapped Bitcoin Surpasses $1 Billion in Total Value Locked

Decentralized finance (DeFi) seems to be the gift that keeps on giving for investors worldwide, as one of its Bitcoin tokenization protocols recently skyrocketed by 900% in a span of two months.

New records in DeFi

Wrapped Bitcoin (WBTC), one of the most popular DeFi protocols leveraged to convert Bitcoin to ERC-20 tokens, recently achieved a new milestone and surpassed $1 billion in total value locked (TVL).

The bull run of the Bitcoin-backed DeFi protocol comes at a time when the TVL of all Bitcoin tokenized on the Ethereum blockchain hit the $1 billion dollar milestone in total value locked for the first time. Of all the tokenized Bitcoins held in DeFi projects, one-third of it is attributed to WBTC.

Over the last few months, an approximate $900 million worth of Bitcoin has been converted to other ERC-20 tokens through Wrapped Bitcoin. This resulted in a surge of 900% for WBTC, allowing the token to surpass the $1 billion mark.

What is Wrapped Bitcoin (WBTC)?

Wrapped Bitcoin (WBTC) is an ERC-20 token that is designed to bring Bitcoin liquidity to the Ethereum network. WBTC is backed 1:1 by Bitcoin and can be traded on various crypto exchanges, decentralized (DEXes) and centralized alike.  

Wrapped Bitcoin is launched by a decentralized autonomous organization (DAO) comprised of 16 established DeFi projects and is the first token to make Bitcoin compatible with the Ethereum blockchain.

With most DeFi protocols running on the Ethereum network and with the recent boom of decentralized finance, WBTC is a good alternative for Bitcoin holders, as BTC is the largest digital asset by market capitalization. In addition, most Bitcoin trades are dealt with on centralized exchanges, but with WBTC, Bitcoin liquidity could be used for token trades on DEXes.

Wrapped Bitcoin dominates

Currently, WBTC is the fifth largest DeFi protocol in the industry and holds a near 10% of the entire DeFi sector’s locked capital.

Over $900 million worth of tokenized Bitcoin leveraging WBTC has been recorded over the last two months, making the ERC-20 token’s growth exponential. At the beginning of the year, WBTC grew from $4 million in total value locked to $36 million by the third quarter.

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