Quick take:
- The amount of ETH and BTC locked in DeFi currently stands at $4.78 Billion
- This amount represents 43% of the total value locked in DeFi
- The number of ETH locked in DeFi has increased by 194% in 2020
- The number of BTC locked in DeFi has increased by 10,000%
The hype surrounding DeFi might have cooled off in the fourth quarter of 2020 but the amount of Ethereum and Bitcoin locked in several DeFi protocols seems to suggest otherwise. According to data from CyrptoRank Platform, the value of Ethereum (ETH) and Bitcoin (BTC) locked in DeFi is $4.78 Billion.
Furthermore, the amount of ETH locked in DeFi has increased by 194% since the beginning of the year with that of Bitcoin increasing by more than 10,000% in the same time period.
Below is the analysis by the team at CryptoRank Platform which also includes a visual representation of the growth in the amount of Etheruem and Bitcoin locked in DeFi.
According to @defipulse, the value of #Ether and #Bitcoin locked in DeFi is $4.78B, which represents a share of 43% in the total value.
Since the beginning of 2020, the number of locked $ETH increased by 194%, while locked $BTC surged more than 10,000%. pic.twitter.com/RJMKjyrqRn
— CryptoRank Platfrom (@CryptoRank_io) October 16, 2020
$11.17 Billion in Total Value Locked in DeFi
Taking a look at DeFiPulse.com reveals that the value of digital assets locked in DeFi currently stands at $11.17 Billion. Of this amount, 8.6 Million ETH and 159,700 Bitcoin is currently locked in DeFi platforms.
Using the current market value of $373 per ETH and $11,433 per Bitcoin reveals that the two top digital assets make up $5.025 Billion of this locked amount which is now 44.9% of the market share. The growth in market share since the team at CryptoRank Platform did their analysis is attributed to both ETH and BTC gaining significant value after absorbing the shock of the OKEx incident.
The Amount of Wrapped Bitcoin (WBTC) Continues to Increase
Also from DeFi pulse, it can be observed that the top five platforms in terms of value locked are as follows.
At the number 3 spot is Wrapped BTC (WBTC) with a total value locked of $1.21 Billion. A quick glance at the Wrapped Bitcoin website reveals that there is a total supply of 105,131 WBTC. The token is backed by Bitcoin in a ratio of 1:1 with the most notable conversions into WBTC, and the digital asset firms behind them highlighted below.
- CoinList – 3,697 WBTC – October 14th
- CoinList – 1,299 WBTC – October 14th
- GrapeFruit Trading – 1,999 WBTC – October 13th
- GrapeFruit Trading – 999 WBTC – October 13th
- imToken – 549.78 WBTC – October 12th
- GrapeFruit Trading – 819 WBTC – October 12th
As can be observed from the sample list above, conversions from BTC to WBTC are above 500 BTC thus providing more answers as to how the amount of Bitcoin locked in DeFi has grown by 10,000%.