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More than $ 4 billion in Bitcoin and Ethereum have been absorbed by DeFi so far.

Cryptocurrency

The frenzy surrounding DeFi may be easing, but make no mistake because it is still going strong.

About $ 4 billion in Bitcoin and Ethereum have been injected into the DeFi protocols in the past five months. Surprisingly, the two largest cryptocurrencies by market capitalization have not yet reached half of the total amount blocked in DeFi. According to data from DeFi Pulse, Bitcoin and Ethereum together represent only 44% of the total blocked value of the sector.

DeFi’s momentum also revealed that the number of Ether in DeFi protocols since June has jumped 218.5%. Only 2.7 million ETH were blocked in DeFi in June. Another 5.9 million ETH were committed in the last five months, bringing this total amount to 8.6 million ETH.

Bitcoin also followed a similar trend, showing an increase of 3,000% in the same period. In June, only 3,000 BTC were trapped in DeFi. Since then, another 153,800 BTC have been added, totaling 158,800 BTC.

Currently, Ether is responsible for almost $ 3.25 billion of the total amount blocked in the DeFi protocols. This is equivalent to 7.6% of the market value of the cryptocurrency. Bitcoin, on the other hand, has $ 1.81 billion blocked in DeFi, which means 0.85% of Bitcoin’s market value. The sector has a total of $ 11.3 billion blocked in its decentralized financial protocols.

Unfortunately, the analysis does not show the contribution of other crypto assets to DeFi. Therefore, it is difficult to determine which crypto-assets represent the remaining 56% and their respective percentage holdings.

Yesterday, Coinbase recorded a new high of the largest sum of BTC tokenized by an entity in a single day, using the Wrapped Bitcoin (WBTC) protocol. The cryptocurrency exchange and investment platform generated 4,997 WBTC, equivalent to $ 57.1 million in Bitcoins.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.