RATE Group | Here’s How Much Bitcoin Is Currently Locked Up in Sidechains
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Here’s How Much Bitcoin Is Currently Locked Up in Sidechains

17 Oct Here’s How Much Bitcoin Is Currently Locked Up in Sidechains

Posted at 08:01h in Bitcoin News by

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Almost $77 million of Bitcoin (BTC) is currently unavailable to use on the network — not because it is lost, but because it is locked up in sidechains. 

Bitcoin sidechains: a nascent market

Data from block explorers confirms that as of Oct. 17, a total of 9,661 BTC ($76.96 million) or a tiny 0.054% of today’s Bitcoin supply resides in three major sidechain projects.

Sidechains are separate blockchains tied to a cryptocurrency’s regular blockchain, i.e. mainchain. Users can interact with it via a pegging mechanism; they send funds to and from the sidechain, with security features ensuring coins are not available on both chains at once.

Sidechains have existed for several years and have various functions depending on developers’ aims. 

Blockstream’s Liquid sidechain, or LBTC, for example, focuses on interexchange operability while giving traders enhanced features not yet available on the Bitcoin mainchain. 

Binance Chain leads balances

Liquid, which launched in October 2018,…

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