Over $ 1 billion worth of Bitcoin (BTC) is now encrypted to access decentralized financial protocols on the Ethereum network. This corresponds to DeFis Total Locked Cost or TVL less than four months ago.

According to DeFi Pulse, nearly 98,300 BTC (worth $ 1.05 billion dollars) have been converted to tokens using protocols other than the Blockstream Lightning Network, equivalent to over 12% of DeFi’s total capital of $ 8.57 billion.

Number of Bitcoins blocked in DeFi protocols: Defi Pulse
This performance demonstrates the growing importance of ETH-based protocols for generating negative returns among bitcoin holders, as the entire DeFi sector was valued at just $ 1.05 billion from TVL in early June, of which $ 47.5 million or 4, 7% was bitcoin. which indicates that the share of Ras DeFi money represented by BTC has increased by 150% in three and a half months.

In contrast, Lightning Network has collected 1100 bitcoins worth 11.5 million dollars since its launch in March 2018.

In June, the vast majority of BTC in the DeFi sector took the form of Coiled Bitcoin (WBTC), but the launch of RenBTC and RenBTC virtual machine, as well as popular coding protocols such as BTC ++ PieDAO, have driven Bitcoin’s expansion to DeFi this year.

Bitcoin encryption protocols allow users to lock their bitcoins and imprint the corresponding ERC-20 token, allowing the user to interact with smart contracts on the Ethereum network due to the value that the Bitcoin contract represents to the user.

While WBTC remains the highest-ranked encryption protocol for total closed BTC after providing 56,800 bitcoins worth nearly $ 605.5 million since the end of November 2018, the Clean World Cup has encrypted 21,500 bitcoins worth $ 230 million since its launch in May.

Number of bitcoins encoded by WBTC: DeFi Pulse
While both protocols have doubled the number of bitcoins blocked in 30 days, WBTC continues to attract more BTC compared to Ren as it has grown from about 28,360 BTC to 56,850 BTC and RenBTC has increased from 10,000 BTC to 21 5 10. within a month.

Over the last 90 days, both projects have grown by more than 850%. On June 19, WBTC represented only 5839 BTC, while Ren only recovered 155 BTC.

Number of bitcoins encoded by Ren: DeFi Pulse
Curve Finance is the most profitable protocol after BTC ranking with 27,600 bitcoins ($ 295 million), followed by Aave with 17,800 BTC ($ 190.5 million) and Balancer with 9,500 BTC ($ 1011.6 million). Together, these three protocols have attracted over half of all cryptocurrencies.

However, with only 0.47% of the offer in Bitcoin tokens, there is still significant value that is likely to transfer from Bitcoin to DeFi in the coming months and years.

Source: CoinTelegraph