Internet Computer's Tokenized Bitcoin Supply Hits All-Time High

Singapore – Tokenized Bitcoin (BTC) supply on the Internet Computer (IC) blockchain has reached an all-time high, signaling increasing adoption and utility for Bitcoin within decentralized finance (DeFi). The milestone was announced by crypto data provider Token Terminal during the TOKEN2049 conference in Singapore. "ICYMI: Tokenized BTC supply on the Internet Computer is at an all-time high," Token Terminal stated via social media, highlighting a significant development for the ecosystem.This surge primarily refers to chain-key Bitcoin (ckBTC), the Internet Computer's native 1:1 Bitcoin-backed token. Unlike traditional wrapped Bitcoin solutions, ckBTC is trustlessly minted and redeemed directly by the IC's smart contracts, leveraging advanced chain-key cryptography to eliminate reliance on centralized bridges, which have historically been points of vulnerability in the crypto space.The Internet Computer functions as a Layer-2 solution for Bitcoin, enabling smart contract functionality directly on the Bitcoin network. This integration allows IC-based smart contracts to hold, send, and receive real BTC, effectively transforming Bitcoin into a programmable asset within a high-performance environment. Transactions involving ckBTC benefit from sub-second finality and significantly lower fees compared to native Bitcoin transactions.The growing supply of ckBTC reflects expanding use cases across the IC ecosystem. Developers are leveraging this functionality to build a diverse range of applications, including decentralized lending protocols, stablecoins collateralized by Bitcoin, peer-to-peer payment solutions, and advanced multi-signature wallets. Projects like OpenChat, for instance, allow users to send ckBTC as chat messages, demonstrating its utility in everyday transactions.This all-time high underscores a broader trend of integrating Bitcoin into more dynamic and composable DeFi applications. The Internet Computer's unique approach to Bitcoin integration positions it as a key platform for unlocking new possibilities for the world's largest cryptocurrency, enhancing its liquidity and programmability without compromising its foundational security.