Six prominent crypto firms have joined the federation governing Blockstream’s Liquid sidechain.
Blockstream has added six more members to the federation that governs Liquid, the firm’s Bitcoin sidechain for inter-exchange settlement network.
The six new Liquid Federation members include Bitcoin web wallet Coinos, crypto custodian Komainu, network privacy firm Nym, blockchain development company Vulpem Ventures, broker Watchdog Capital, and Liquid Network settlement platform Sideswap.
Liquid was announced at the end of 2015 as a Bitcoin sidechain designed to speed up Bitcoin transactions settlement for crypto exchanges.
Liquid supports LBTC tokens that are pegged to Bitcoin. According to official data, there are currently 2,756 circulating LBTC, with the sidechain processing roughly 540 transactions each day.
The Liquid Federation now spans 59 members, including top cryptocurrency exchanges Bitfinex, OKEx, BitMEX, and Huobi, investment product provider CoinShares, and hardware wallet firm Ledger.
Despite the federation’s expanding membership, Liquid’s volume and TVL is dwarfed by tokenized Bitcoin on Ethereum — with the Q3 2020 DeFi boom driving significant demand for tokenized BTC.
According to btconethereum.com, there’s now more than 148,000 BTC tokenized on the Ethereum network, worth more than $5 billion combined. As such, the value of Bitcoin on Liquid is equal to just 1.86% of the all Bitcoin tokenized on Ethereum.
While the Liquid Network has been designed for exchanges — with Blockstream touting its Lightning Network sidechain for peer-to-peer transactions — Lightning adoption has also been overshadowed by the adoption of tokenized BTC on Ethereum.
Only 1,060 BTC been locked on the Lightning Network according to bitcoinvisiuals.com — equating to less than one-hundredth of the Bitcoin locked on Ethereum.
Three quarters of tokenized BTC on Ethereum is locked in the Wrapped Bitcoin protocol, followed by HBTC with 12% and renBTC with nearly 9%.
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