Bitcoin, Ether Now Represent 44% of the Value Frozen in DeFi October 15, 2020 October 15, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsOctober 15, 2020 by Kelly Cromley

Bitcoin, Ether Now Represent 44% of the Value Frozen in DeFi

The exponential growth of decentralized finance (DeFi) sector in recent times has resulted in $4 billion worth Bitcoin (BTC) and Ether (ETH) locked in a span of five months.

As per the DeFi Pulse, the quantum of Ether frozen in DeFi covenants rose 218.5% since June, increasing from 2.70 million ETH to 8.60 million ETH. Locked Bitcoin has increased over 3,000%, from 5,000 BTC at the end of June to about 158,800 BTC at the time of writing this article.

CoinList cryptocurrency exchange, on October 14, made a record for the maximum value of Bitcoin tokenized by a single firm in a day utilizing the Wrapped Bitcoin covenant.

CoinList minted 4,997 WBTC or $57.10 million worth Bitcoin for the benefit of its customers for utilization on the Ethereum blockchain.

So far, the value of Ether (ETH) locked in DeFi protocols is $3.24 billion, representing 7.6% of Ethereum’s aggregate market capitalization.

In spite of the huge amount of BTC and ETH taken in by DeFi schemes, Bitcoin and Ether that remains locked accounts for 50% of the total value locked (TVL) in the industry, collectively making up 44.6% of the industry’s $11.33 billion.

DeFi Pulse does not give info on the percentage share of DeFi’s TVL that rest of the particular assets such as SNX, DAI or COMP account for.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.