Affected by the bankruptcy of Alameda/FTX, $WBTC has declined since November 9th.

Today’s #Datacheck talks about the performance of WBTC in the last eventful week. Buckle it up!

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As the chart below, WBTC/BTC dropped from 0.994 on Nov.21st to 0.9852 on Nov.25th, then rising to 0.9965.

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WBTC is the first ERC20 token backed 1:1 with Bitcoin, bringing greater liquidity of $BTC to Ethereum.

Some stats:

• Marketcap : $3.53B
• TotalSupply：218,127
• % of total BTC on Ethereum：83.88%

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Two key roles & their responsibilities in WBTC

1. Custodians: guarding $BTC used for fully-back the issue of WBTC (the only custodian - BitGo)

2. Merchants: Receiving requests from users, initiating minting newly wrapped tokens and burning wrapped tokens to the custodians.

At present, 38 merchants after removing Alameda minted 101,746 WBTC (still ranking No.1) and only burned 29,435 WBTC.

Alameda Research who was excluded from the merchants minted 101,746 WBTC (still ranking No.1) and only burned 29,435 WBTC.

Alameda Research was excluded from the merchants, but keeps the No.1 ranking with 101,746 WBTC minted and 29,435 WBTC burned. Worth being aware of the huge gap b/w mint and burn.