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Wrapped Up. A significant percentage of Bitcoin’s circulating supply has been tokenized and locked up in smart contracts on the Ethereum network. According to The Block, the amount of tokenized Bitcoin has increased by 100,000 in absolute number since the beginning of this year, with the total amount reaching 240,000. The growth is no doubt spurred by robust development in the DeFi space. With the broader market trapped in a sluggish state, the demand for Ethereum-based protocols has fallen, along with prices, as evidenced by the recent 28% drop in Uniswap trades from its mid-May peak.