The frenzy around DeFi might be waning but make no mistake, DeFi is still going strong.
Around $4 billion worth of Bitcoin and Ethereum has been injected into DeFi protocols over the last five months. Surprisingly, the two largest crypto coins by market cap are yet to hit half of the total value locked in DeFi. According to DeFi Pulse data, Bitcoin and Ethereum collectively account for only 44% of the sector’s total value locked.
DeFi pulse also revealed that the number of Ether poured into DeFi protocols since June has seen a 218.5% jump. Only 2.7 million ETH were locked up in DeFi back in June. A further 5.9 million ETH has been committed in the last five months, taking that total amount to 8.6 million ETH.
Bitcoin has followed a similar trend as well, posting a 3000% surge in the same period. In June, only 3,000 BTC were locked up in DeFi. Since then, a further 153,800 BTC has been added, summing up to 158,800 BTC.
Currently, Ether accounts for almost $3.25 billion of the total value locked in DeFi protocols. This is equivalent to 7.6% of the crypto’s market cap. Bitcoin, on the other hand, has $1.81 billion locked up in DeFi that translates to 0.85% of Bitcoin’s market cap. The sector has a total of > $11.3 billion locked up in its decentralised finance protocols.
Unfortunately, the analytics hub doesn’t show the contribution of other crypto assets in DeFi. It is, therefore, hard to determine what crypto assets represent the remaining 56% and their respective percentage shares.
Yesterday, Coinbase recorded a new high of the largest sum of BTC tokenized by one entity in a single day using the Wrapped Bitcoin (WBTC) protocol. The crypto exchange and investment platform generated 4,997 WBTC translating to $57.1 million worth of Bitcoin.