Launched in January 2019, Wrapped Bitcoin (WBTC) is an ERC-20 token backed 1:1 by Bitcoin and held at Bitgo, where the underlying holdings are verifiable. WBTC brings the liquidity of Bitcoin to the Ethereum ecosystem. In September, Bitgo minted a record $616 million worth of tokenized bitcoins (WBTC), a 160% increase from August's record of $232 million minted. Bitcoin’s current market cap is five times larger than the second largest cryptocurrency, Ether (ETH), and defi is considered immature when compared to traditional or centralized exchanges. So it's obvious why Ethereum would be so welcoming to the Bitcoin maximalists, and why Bitgo would tokenize Bitcoin on Ethereum. BitGo has minted just over $1 billion of wrapped Bitcoin, compared to only $12 million hosted on Bitcoin's Lightning Network, which is a second-layer solution that was intended to speed up bitcoin transactions and reduce mining cost by not writing to the main Bitcoin blockchain. The Lightening Network, founded in 2015, has about 14,000 nodes and is 83 times smaller than the total market cap of wrapped Bitcoin on Ethereum ($1 billion).

CoinDesk (Sept 22, 2020)
Decrypt (Sept 30, 2020)