Bitcoin

BTC stored in DeFi increased 30% in just a week

The amount of BTC stored in decentralized funding projects rose more than 30% last weekdespite the price cuts of Bitcoin (BTC) and Ether (ETH).

The total value of the USD or TVL stored can rise and fall with the markets even if the number of tokens stored does not change. In the last week the TVL fell from its all-time high of $ 9.6 billion on September 2 to $ 6.1 billion on September 10, before climbing again to $ 7.8 billion.

According to the DefiPulse tracking platform The amount of BTC stored rose from 67,038 BTC ($ 694 million) on September 2 to the current all-time high of 87,752 BTC ($ 904 million), an increase of 30.9%. This is equivalent to a 20x increase in the BTC stored on the Lightning Network.

BTC stored in DeFi increased 30% in just a week
BTC stored in DeFi increased 30% in just a week

Over 50% (51,295 BTC) of the stored Bitcoin is in Ethereum on WBTC. This equates to 63% of BTC’s growth since September 2nd and stores an additional 13,000 WBTC on the network.

The RenVM, which also allows users to tokenize their BTC in Ethereum, It has 17,630 BTC in stock and has grown by more than 2,500 BTC since the beginning of the month.

In contrast, Bitcoin’s Lightning Network accounts for only 1.2% (1,061 BTC) of the total BTC stored in DeFi. BTC stored on the Lightning Network only grew 4 BTC, or less than 0.02% of total BTC growth, in September.

The 198 BTC added to the Lightning Network since the beginning of the year represent a 23% growth and are dwarfed by the addition of more than 50,000 BTC to the WBTC this yearThis corresponds to a growth of more than 8,600%.

Even though 600,000 ETH has been removed from the DeFi protocols, Bitcoin is still a second away. It is less than half the value of $ 2 billion of Ethereum’s 5.6 million coins in storage. Total, Almost 5% of the circulating supply of Ethereum is now stored in DeFi.

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