Bitcoin and Ethereum account for 44% of value locked in DeFi

The recent explosive growth of decentralized finance (DeFi) has seen the industry lock in nearly $4 billion worth of Bitcoin and Ethereum in less than five months. According to DeFi Pulse, the amount of Ether locked in DeFi protocols has increased by 218.5% since June, from 2.7 million ETH to 8.6 million ETH.

The recent explosive growth of decentralized finance (DeFi) has seen the industry lock up nearly $4 billion worth of Bitcoin and Ethereum in less than five months.

According to DeFi Pulse, the amount of Ether locked in DeFi protocols has increased by 218.5% since June, from 2.7 million ETH to 8.6 million ETH. Locked Bitcoin has grown from 5,000 BTC in the middle of the year to about 158,800 BTC today, an increase of more than 3,000%.

On October 14, crypto asset trading and investment platform CoinList set a new record for the largest amount of Bitcoin minted by a single entity using the Wrapped Bitcoin protocol in a single day. CoinList minted 4,997 WBTC, or $57.1 million worth of Bitcoin, on behalf of its customers for use on the Ethereum network.

The value of Ethereum locked in DeFi is $3.24 billion, accounting for 7.6% of Ethereum's total market value. The total amount of BTC locked is $1.81 billion, accounting for 0.85% of Bitcoin's market value.

Despite DeFi’s recent absorption of large amounts of BTC and ETH, locked Bitcoin and Ether currently account for less than half of their total locked value, collectively accounting for 44.6% of the total value of $11.33 billion.

DeFi Pulse does not provide data on the percentage of DeFi TVL represented by other specific crypto assets such as SNX, COMP, or DAI.

Source: Cointelegraph