Skeptics might write off DeFi momentum, but investors keep deploying capital to it. Over the past five months, participants poured about $4 billion in Bitcoin and Ethereum into DeFi protocols.
More $4 billion worth of Bitcoin and Ethereum has been absorbed into DeFi so far.
Skeptics might write off DeFi momentum, but investors keep deploying capital to it. Over the past five months, participants poured about $4 billion in Bitcoin and Ethereum into DeFi protocols. Partic
Key Points
- Skeptics might write off DeFi momentum, but investors keep deploying capital to it.
- Over the past five months, participants poured about $4 billion in Bitcoin and Ethereum into DeFi protocols.
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Participants concentrated less than half that capital in the two largest cryptocurrencies by market cap. Bitcoin and Ethereum account for 44% of DeFi's total value locked, according to DeFi Pulse. The other 56% belongs to various tokens, though the platform doesn't detail those specific allocations.
Between June and mid-October, participants more than doubled the amount of Ether locked in DeFi protocols, raising the total from 2.7 million ETH in June to 8.6 million ETH now. Participants added 5.9 million coins in that stretch. Bitcoin's locked supply expanded faster. Participants deployed 153,800 additional BTC to DeFi, pushing the total from 3,000 BTC in June to 158,800 BTC now. That represents a 3,000% gain for Bitcoin compared to Ether's 218.5% gain.
Participants locked $3.25 billion in Ether across DeFi protocols, equivalent to 7.6% of ETH's market cap. Bitcoin holdings across DeFi total $1.81 billion, or 0.85% of Bitcoin's market cap. In aggregate, participants locked more than $11.3 billion across all DeFi protocols.
Coinbase set a record yesterday by generating 4,997 WBTC through the Wrapped Bitcoin protocol in a single day, worth $57.1 million. No entity had previously issued that much wrapped Bitcoin in a single day using that mechanism.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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