Cryptocurrencies

44% of cryptos blocked in DeFi are Bitcoin (BTC) and Ethereum (ETH)! – Cryptocurrencies

It’s always the same: the giants are going to share a big chunk of the pie. DeFi is not at its best, but the worst-case scenario of the bubble that ended up exploding has not yet happened. Now is not the time to autopsy DeFi – we may never have to do it – but when you open your belly, you find a significant amount of Ethers (ETH) and Bitcoins (BTC).

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3000% more BTC in DeFi

The last quarter of 2020 begins with a smaller progression of DeFi and an decreased performance for a large majority of tokens.

The Total Value Locked (TVL) of the sector is currently estimated at 11 billion dollars. During the last 5 months, the amount of Bitcoins and D’Ethers blocked in DeFi is valued at nearly $ 4 billion, which is less than half of the market’s TVL.

According to the site DeFi Pulse, the amount ofETH in DeFi protocols increased by 218.5% since June 2020, from 2.7 million to 8.6 million.

Analysts note, however, that the amount ofETH stored on these DeFi platforms is stagnating.

As for Bitcoin, there were 5,000 BTC blocked on these protocols in mid-year and this quantity is currently estimated at 157,800 BTC, which represents an increase of 3000%.

The great forge of the wBTC

On October 14, 2020, the investment platform CoinList set a new record in terms of the amount of wrapped Bitcoins products in one day.

CoinList forged 4 997 wBTC, valued at approximately $ 57.1 million, on behalf of its customers on the network Ethereum.

The value of ETH blocked on DeFi is $ 3.24 billion, or 7.6% of the total market capitalization value ofEthereum.

The value of BTC amounted to $ 1.81 billion, or 0.85% of the market cap of Bitcoin.

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DeFi Pulse unfortunately does not provide data on the distribution of other major DeFi cryptos like the Synthetix Network Token (SNX), the Compound (COMP) where the DAI.

Will the amount of wBTC eventually exceed that of ETH in DeFi? Bitcoin is theoretically the best DeFi offer but, will this theory eventually come to fruition? DeFi still has some way to go before it reaches a phase of maturity: the landscape of DeFi cryptos in the sector is expected to see many changes in the meantime.

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