Bitcoin and Ethereum are two of the world’s largest cryptocurrencies by market cap and several BTC-backed ERC20 tokens have continued to increase and thrive on Bitcoin’s rival network.

Over the past couple of years, the market for Bitcoin on the Ethereum network has grown significantly, and currently, the latter has become one of the most popular off-chain destinations for Bitcoin. According to the data compiled by Dune Analytics, more than 11,ooo BTC, which is essentially over 0.05% of…

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