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The amount of bitcoin tokenized on the Ethereum network has surpassed 92,600 BTC, worth over $1 billion, and equivalent to 0.42% of BTC0s total circulating supply. In January, less than 1,200 BTC were tokenized on Ethereum.

Coinbase Pro users will now have to pay for their cryptocurrency withdrawal fees, based on an estimate of the network transaction fee. While until now Coinbase Pro took care of all transaction fees on withdrawals, network costs have been rising.

Sponsored: FirstDerivative is an easy to use tool with a clear interface allowing to benefit from both staking and liquidity mining. Join the race on September 18th at noon New York time by clicking here. Stay in touch, follow us on Twitter and connect through Telegram chat.

Top stories in the Crypto Roundup today:

• Help improve CryptoCompare and Win a Ledger Nano S!
• Bitcoin’s Supply on Ethereum Surpasses $1 Billion
• Coinbase Pro Starts Requiring Users to Pay Withdrawal Fees as ETH Network Costs Rise
• Sponsored: FirstDerivative Yield Farming Project Is Now Live With x10 Bonus!

Help improve CryptoCompare and Win a Ledger Nano S!

How do you use CryptoCompare and what features and functionalities do you want to see added? To help us prioritize what to build on CryptoCompare and learn how to improve the website for you, we’d love to hear from you!

All we need is 20 minutes of your time, and 5 lucky respondents will be chosen from a raffle to receive a brand new Ledger Nano S!

If you’d like to share your feedback, please get in touch at info@cryptocompare.com.

Bitcoin’s Supply on Ethereum Surpasses $1 Billion

The amount of bitcoin tokenized on the Ethereum network has surpassed 92,600 BTC, worth over $1 billion and equivalent to 0.42% of BTC0s total circulating supply. In January, less than 1,200 BTC were tokenized on Ethereum.

Wrapped Bitcoin (WBTC) is the largest tokenized bitcoin project, and has minted over 60,500 BTC since it was launched in early 2019. It represents over 65% of the total tokenized BTC supply. Sam Bankman-Fried, CEO of FTX and co-founder of Alameda Research, told CoinDesk that ”huge buying demand” over the counter is one of the reasons for the rapid rise of tokenized bitcoin.

OTC demand for WBTC grew thanks to decentralized finance’s yield farming craze and kept growing as the total value held in DeFi protocols rose. Nearly 70% of all WBTC minted in August were reportedly claimed by Alameda Research.

The second-largest tokenized bitcoin project, RenBTC, has issued 22,000 tokenized BTC since May,

Coinbase Pro Starts Requiring Users to Pay Withdrawal Fees as ETH Network Costs Rise

Coinbase Pro users will now have to pay for their cryptocurrency withdrawal fees, based on an estimate of the network transaction fee. While until now Coinbase Pro took care of all transaction fees on withdrawals, network costs have been rising.

The exchange wrote:

"To ensure a smooth experience for our customers and reasonable transaction processing times, Coinbase Pro will charge a fee based on our estimate of the network transaction fees that we anticipate paying for each transaction. In certain circumstances, the fee that Coinbase Pro pays may differ from that estimate.”

Coinbase Pro noted that the fees charged will be disclosed at the time of the transaction. Coinbase’s move comes as gas prices n the Ethereum network surged as Uniswap users started claiming their UNI tokens.

Cryptocurrency transactions from one Coinbase wallet to another or between verified Coinbase accounts will not require a network fee.

USDC 2.0 Drives Activity

USDC's on-chain data taken from the Flipside Data Cooperative reveals a clear uptick in centralized exchange and DeFi activity since the launch of USDC 2.0 on August 27th. 

USDC 2.0 allows services that offer the token to pay transaction fees for their users, or present and deduct the fees in USDC. This brings the user experience closer to resembling existing mobile payment apps, where customers can send and receive USDC payments on a peer-to-peer basis solely using USDC. 

FirstDerivative Yield Farming Project Is Now Live With x10 Bonus!

What is FirstDerivative?

FirstDerivative is a liquidity aggregator for DeFi projects. Initially, liquidity will be provided to the platforms like Curve and Swerve, and as DeFi grows further, new platforms will be added gradually. The users will be able to mine liquidity on the most profitable pools on these platforms, and in the meantime get extra value to their token from liquidity mining. FirstDerivative is equipped with an automated balancer that re-distributes the user’s assets to the most profitable pool on the Curve platform whenever some other pool’s APY becomes higher than the current pool’s. 

How does FirstDerivative work?

All protocol users receive a native FDV token that will be distributed daily 100 FDV at a time between all liquidity suppliers in protocols and pools proportionally to their deposit of the total liquidity pool provided. During the first week remuneration would be x10, amounting to 1000 FDV per day. In the course of the following two weeks remuneration would reach x5 which equals 500  FDV per day. Maximum token emission is 60000 FDV, and no preliminary issue of tokens is provided for. More specifically, since the entire mechanism is regulated by smart contracts, the developers would have no way of issuing new tokens.

In addition, the platform also enables the user to provide liquidity to the FDV token pools with additional first week x10 bonus. Initially the following pairings are going to be represented on the platform initially: 

• ETH/FDV
• CRV/FDV
• DAI/FDV
• DAI/ETH
• USDC/ETH

FirstDerivative is an easy to use tool with a clear interface allowing to benefit from both staking and liquidity mining.

Join the race on September 18th at noon New York time by clicking here. Stay in touch, follow us on Twitter and connect through Telegram chat.

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