wBTC is bitcoin ($BTC) that has been wrapped and had a value transfer to the ethereum ($ETH) blockchain.
The fact that 20x the whole lightning network value was put onto ethereum in the past week shows that:
- the DeFi boom is still on, and
- people are using $BTC as a store of wealth rather than a money to use in payments
CT article: https://cointelegraph.com/news/btc-locked-in-defi-increased-by-20x-the-entire-lightning-network-this-week
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