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Saturday, September 12, 2020

BITCOIN LOCKED IN DEFI PROTOCOL CONTINUES TO GROW


  The amount of BTC locked in the DeFi protocol has increased by more than 30% in the past week despite the price of Bitcoin (BTC) and Ethereum (ETH) being in decline.


In the past week, Total Value Locked has fallen from its all-time high of $9.6 billion on September 2 to $6.11 billion on September 10, 2020 before rising back to $7.28 billion. 

According to data from DefiPulse, the amount of BTC locked increased from 67.038 BTC on September 2 to its current all-time-high level of 87.752 BTC. This increases by 30.9% and will probably continue to grow. More than that, this amount is equivalent to 20 times the amount of BTC locked on the Lightning Network.

More than 50% BTC or 51,295 BTC locked in the Ethereum DeFi network is wbtc. This accounts for a 63% increase since last September 2 and is equivalent to 13,000 new WBTC coming into the network. 

Not only that, RenVM which allows its users to put their BTC coins on Ethereum has locked around 17,630 BTC, growing by more than 2,500 BTC since the beginning of this month.

By contrast, Lightning Network accounts for only 1.2% or 1,061 BTC of the total BTC locked in the DeFi protocol. Growth in Lightning Network is only 0.02% or 4 BTC so far this September.

Unlike BTC, ETH coins came first with 5.6 million coins locked inside the DeFi protocol. This is equivalent to over 2 billion USD.

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