The recent explosive growth in decentralized financing has led the sector to ban Bitcoin (BTC) and Ether (ETH) for nearly $ 4 billion in less than five months.

According to DeFi Pulse, Ether’s ban on DeFi protocols has increased 218.5% since June, rising from 2.7 million ETH to 8.6 million ETH. Blocked Bitcoin has grown by over 3,000%, from 5,000 BTC in mid-2020 to around 158,800 BTC today.

On October 14, the CoinList asset exchange and cryptocurrency exchange set a new record for the largest number of bitcoins encoded by one person per day using the Wrapped Bitcoin protocol. CoinList minted $ 4,997 in WBTC or $ 57.1 million in Bitcoin on behalf of its customers for use on the Ethereum network.

Ethereum closed to DeFi is valued at $ 3.24 billion, or 7.6% of the total market value of Ethereum. The total amount of blocked BTCs is $ 1.81 billion, or 0.85% of Bitcoin’s market value.

Despite the massive amounts of BTC and ETH recently acquired by DeFi, banned Bitcoin and Ether currently account for less than half of the total banned value, or TVL, in the sector, accounting for 44.6% of the $ 11.33 billion in the sector.

DeFi Pulse does not provide data on TVL DeFi participation that other specified cipher suites such as SNX, COMP or DAI.

Source: CoinTelegraph

LEAVE A REPLY