Ethereum Will BLAST OFF Further than BITCOIN💥🚀 - YouTube

Hey yo, what is up with the new week & going on with my people the Chico Army, and if you

don’t know who I am, just a lowly viewer of the tube.

I’m Tyler, the host of the only crypto channel, that delivers you that fire content no matter

what.

You know our real life twisted metal.

It’s time for Chico Crypto!

Well isn’t this a twisted thought of mine, Ethereum is going to be the gravity well,

that sucks in all assets, crypto & beyond...and it begins with the granddaddy BTC.

I’m sure you saw the headline over the weekend from Coindesk “Bitcoins Are Being Tokenized

Faster Than They’re Mined as DeFi Craze Continues”...and in the article is shows,

that over last week, their were more wrapped bitcoin, WBTC minted, than were mined by the

bitcoin protocol & participating miners.

Now you guys should know what WBTC is, it’s a centralized as of know, version of tokenizing

bitcoin on ethereum, which uses a combination of customers, merchants, and centralized custodians,

who watch over the placed BTC.

So, a centralized version of BTC on Ethereum, is already overtaking and outpacing bitcoin

mining production....

What’s going to happen, when it’s fully trustless, and that bridge is fully secure??

Well, going to the wBTC community list, this centralized version was made possible, through

a collaboration of crypto companies coming together, including Kyber, REN, Custodian

BitGo, Set Protocol, Compound, Maker & more.

Now, within that list of projects, there is a certain one that is taking the next leap

into Bitcoin on Ethereum & creating the bridge, that doesn’t have a central gatekeeper,

saying who can cross, when & why...but its open to all, at anytime, for any reason.

Were you able to guess right!?

That project is REN & I don’t think many people realize, the value in what they have

brought to the table….

So how are they getting Bitcoin on Ethereum in a trustless way?

Well through the RENvm, or virtual machine...which got it’s mainnet release, just in late may

of this year.

How does it work?

Well I’ve explained it a few times, so here is a quick version, dapps, can use the VM,

to swap BTC for renBTC, which is the ethereum version of the BTC, IN the background, the

VM is a distributed network of darknodes, over 1100 nodes right now to be exact, where

all the nodes take custody, of the BTC private key...the VM aka network of nodes then mints

the renBTC and it’s sent to the customer or requesters ethereum wallet to use in the

DeFi Ecosystem.

Now in reality, the RENVM has only had 2.5 months on the mainnet...a sliver in time,

but the VM has picked up like crazy, going to the chart on daily mints of renBTC...it

was slow to start, but by the middle of June mints started to pick up, getting above 250

per day, then by the middle of august we broke the 500 level, actually getting to 750….but

look at just a couple days ago, over 1500 renBTC minted in 1 day, which means over 1500

BTC were locked in the renVM with those dark nodes.

That is over 17 million dollars….in just 1 day, and if we go to their dashboard, the

total value minted as of yesterday was 91 million, that is over 18 percent in just 1

day.

Ya things are picking up for REN & it has everything to do with BTC on ETH, because

if you didn’t know, the RENVM works with other cryptos and blockchains.

If we go back to the dashboard, we can see both zcash and bitcoin cash are available

to mint, but it’s not being utilized, as all the minting is being done with BTC, only

a total of just over 27 thousand of the 91 million minted is in either bcash or zcash.

Pretty much nada, zilch, zero…

So why is this?

Why has the number of bitcoin tokenized on Ethereum risen so substantially in the past

month...between the RENvm and other options, like WBTC, and even more...we have grown from

15000 BTC on ETH 30 days ago, to 45000 as of yesterday.

Well DeFi is your answer….and let me explain.

There are whales, sitting on stacks of BTC...some with between 100 to 1 thousand BTC, and even

some with 1000+.

This is seen from Bitinfo, and their wallet tracked rich list...there are 13,799 wallets

with between 100 to 1k BTC, and there are 2196 wallets with 1k+ BTC.

Now that is a lot of money, even at 100 BTC its over 1 million dollars, these are the

guys in my opinion, who are experimenting with these protocols...making a large bulk

of the mints.

As they have risk tolerance, if something goes bad, it's worse if someone loses 1 BTC

when they only have 5, than if someone loses 5 if they had 100.

So we know who is doing the majority of the Ethereum BTC mints, but why?

What are they doing with it?

You gotta know, they ain't just holding it in their wallets, as that is what their regular

ole BTC was doing, sitting and collecting dust.

Well, they are using it in DeFi my friends.

And I’m going to show you a freaking amazing example of it.

So, I have covered this DeFi protocol before, TokenSets...in a very informative video of

what it is, and how it works..if your interested after this, video is in the description.

But a quick overview, it’s a trading protocol of sorts, where you buy into certain preset

trading strategies, based on automation aka robotic sets, or people, called social sets.

The strategies are just tokens, which people buy and your share of the sets tokens, represents

your share of the strategies pool.

And it grows and falls, based on the underlying set token trading strategy.

Now I wonder...which token set is the largest??

Which has grown the furthest since the launch?

Well in the social category, sorting by highest set cap, we can see it’s the BTC network

demand SET 2.

With over 128 BTC with it.

So what does this set do?

Well into the details of it….the set was created by the bitcoin data analytics firm

byte tree, and the set “ aims to protect investors against large drawdowns in bitcoin’s

value and boost overall risk-adjusted returns.

It will enter bitcoin when the fundamental network demand is strong and exit into compound

USDC on weakness.

The algorithm incorporates four network demand metrics across six different indicators, to

give an overall allocation score.

These metrics are Network Fees, Transaction Value, Velocity and Miners’ Change in Inventory.

So it automatically goes into and out of stablecoins, and back into and out of Bitcoin...no not

regular BITCOIN, but wrapped BITCOIN, based on BTC fundamental data from byte tree.

That is not freaking possible right now on the BTC blockchain, where a smart contract

does the trading for you, in a trustless way….This is just one example, of where this BITCOIN

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Now back to what else you can do with your Bitcoin on the gravity well Ethereum.

Setprotocol, decentralized copy trading, and strategies...not bad, but what else?

Well we can check, going to coingecko and looking at markets, we can see where wBTC

volume is coming from, by sorting by highest volume….#1 Compound, #2 Curve Finance, #3

Uniswap & #4 balancer & then RenBTC...not on compound yet..but #1 is Curve, #2 is balancer,

and #3 and #4 is uniswap and balancer.

Similar, with Curve, Balancer, and swappers like uniwap and one inch.

But first let’s examine, wBTC on compound.

Here are the market details, as we can see 2232 WBTC are being supplied, which is over

19 million dollars in Bitcoin.

Now if we look at APY, from supplying it to borrowers, it is just .63 percent.

Why would people do this for such a low return?

Well, there is a market being made, and I wouldn’t doubt some whales are playing both

sides.

Now if you see the distribution APY, you also get a 1.36 percent for supplying due to compound

governance token rewards.

This is the supply side though,

Let’s take a look at the borrow side...of WBTC...as we can see to borrow BTC, you would

be paying an interest rate of 5.84 percent per year, Yikes! but since Compound governance

tokens, are even given to borrowers, not only suppliers, you can see they have a distribution

APY right now of 11.87 percent, thus to borrow WBTC right now, you are actually getting paid,

as you have a interest rate of negative 5.86 percent.

So, farming those compound tokens, and providing liquidity.

That's what it’s all about right now, but there is also those other ones, like Curve

Finance, Balancer and the swappers.

What is going on there?

Well gonig back to wBTCs markets, the second largest is one of Curve’s and that is the

WBTC and REN BTC market with over 14 million in 24 hour volume.

The centralized bitcoin on ethereum and a decentralized version getting swapped back

& forth...hmmm interesting but why?

Well this has to do with you getting in on the action...

Do you have BTC just collecting dust & want to quickly get into the world of bitcoin DeFi?

Well the wbtc cafe is the best place to do that & this was created none other than...by

REN.

What it does is allows you to skip those checks, and mint wBTC, any fraction, right through

the application & it connects right up to online and hardware wallets.

The wBTC cafe uses a combination of the renVM, renBTC, wBTC, and curve finance to accomplish

this, as curve is the swapping protocol created for minimal slippage.

So you can get wBTC in a trustless manner & people are taking advantage of this, and

the more people that demand wBTC through the cafe, the more renBTC that is needed...self

reinforcing, and solidifying that Ethereum is the gravity well...cheers viewers, I’ll

see you next time!