More than 9600 BTC worth $ 78 million turnover in bitcoin sidechains
Posted On March 23, 2021
Inside Iceland’s Massive Bitcoin Mine
According to the research, as of October 17, 9661 bitcoins are hosted in the three main sidechain projects..
Although this is only 0.054% of the total number of coins mined to date, at the current BTC exchange rate of $ 8090, the total value of these assets is $ 78.15 million.
Sidechains are forked from the main Bitcoin blockchain and are directly related to it. The technology has been around for several years, and allows users to securely move funds to second-tier solutions, blocking them on the main network, and then allowing them to return. Projects like this offer advanced cryptocurrency exchange features not available on the main blockchain.
The study showed that 9001 BTC is currently circulating in the Binance current chain, although it was launched only six months ago. The Wrapped Bitcoin project, which is actually an Ethereum-based token, raised 571 BTC, and there are 89 coins on the Liquid network..
So far, most of the second-tier solutions are at the testing stage, but they are rapidly developing and gaining popularity. Recently, the Lightning Network payment protocol successfully passed formal verification security.