3K
13K
dark
2 minute read

3200 Bitcoins are locked in DeFi ecosystem

May 13, 2020
Total
0
Shares
0
0
0
0
Although DeFi is currently dominated by Ethereum, Bitcoin is struggling to catch up, and now the number of Bitcoins locked in the DeFi ecosystem has reached 3200 BTC, reaching a record high.
Decentralized finance (DeFi) uses a decentralized network to transform traditional financial products into trustless and transparent protocols. The platform that supports Ethereum as a DeFi collateral and USDC and BAT have recently added support for Wrapped Bitcoin (WBTC) to their collateral list. WBTC is an Ethereum-based token that anchors Bitcoin 1: 1.
Although Ethereum (ETH) is one of its oldest collateral, ETH locked in DeFi has been declining. According to DeFi Pulse data, ETH in DeFi reached a record high in January 2020, when the number of locked positions reached 3.235 million ETH, and then showed a downward trend. The Black Thursday disaster in March further exacerbated the situation, and the number of ETH locked on the platform declined further. Since the peak, the number of ETH in DeFi has fallen by 5%, and as of press time, this number was 2.7 million ETH.
640-13
At the same time, the number of BTC locked in DeFi is rising. According to DeFi Pulse data, as of May 13, the total number of BTC locked in DeFi reached 3200, a record high.
640-14
WBTC has also made considerable progress on the DeFi platform. The total locked value (USD) of WBTC reached the highest of US $ 12,682,200 on May 9. At present, it has noticed a slight decline, but it still reached 11.436 million US dollars. On May 12, the market value of WBTC anchored in Bitcoin’s Ethereum ERC20 token has now exceeded the capacity of the Lightning Network (LN), and in a sense has become Bitcoin’s largest Layer 2 network.
On May 3, MakerDAO implemented a vote to add WBTC as Dai’s collateral. According to DaiStats data, so far, Dai has issued 292,266.36 with WBTC as collateral. About 83.491 WBTC of WBTC are locked in Dai, accounting for 6.43% of its total supply.
Total
0
Shares
Share 0
Tweet 0
Share 0
Share 0
Leave a Reply
Related Posts

Is Bitcoin legal? Is Bitcoin a scam?

Bitcoin can still be considered legal at present, and in the world, Bitcoin can be regarded as a virtual commodity and protected by law; but the legal status of Bitcoin as a “currency” has not yet been in any The state has…
June 1, 2020
Read More

2020 will be Bitcoin “a year to prove itself”

Bitcoin was born on October 31, 2008, becoming the first successful cryptocurrency in history. From the beginning, Bitcoin harbored a mockery of the third-generation monetary policy, and many people have always expected it, hoping that it will become a new tool for hedging…
May 22, 2020
Read More