Value of bitcoins locked in Ethereum exceeded $ 3 billion

Key facts:

The WBTC platform, a leader in tokenized BTC, reached the second place in DeFi.

With a locked value of USD 2.33 billion, WBTC grew 43.4% in November.

The total locked value of tokenized BTC reached USD 3,185 million on November 21, while the leading BTC platform on Ethereum, WBTC moved Compound out of second place, behind Maker. WBTC reflects, at the time of writing, a locked value of $ 2.33 billion.

The current bullish cycle of bitcoin has contributed to increasing the BTC tokenized in Ethereum. After breaking the all-time high of 175,000 BTC last week, according to DeFi Pulse, blocked BTC is currently reaching 170,000.

But the increase in the price of bitcoin has been decisive to raise the value of the BTC tokenized in Ethereum. For this reason, the WBTC platform has risen very quickly to the first places.

Below is the graph of the total value locked in DeFi, which exceeds $ 14,350 million, next to the list of the five leading platforms in DeFi. The first of last September, WBTC had less than a fifth of the locked value it exhibits today, and it was not among the top 10 platforms.

WBTC bitcoin blocked Ethereum top 2

WBTC bitcoin blocked Ethereum top 2

WBTC conquers the second place of the DeFi platforms, while the total of blocked value exceeds USD 14,000 million. Source: DeFi Pulse.

The biggest boost from DeFi platforms, especially lending platforms, was recorded in July, as reported by CriptoNoticias. It was with the introduction of the Compound token that the total blocked value exceeded USD 3 billion and the so-called interest harvest or yield farming began to become popular.

As of September, the total value locked on DeFi platforms had already reached $ 10 billion and continued to grow. After the July push, the bitcoin boom, more pronounced in recent weeks, has helped drive up DeFi’s total locked value, thanks to platforms like WBTC and tBTC.

According to figures from DeFi Pulse, The effect of the rising bitcoin price has diminished the dominance of ETH in locked value.

This breakthrough of Bitcoin on DeFi was shown from another angle by CryptoNews when it highlighted an investor shift in October from ETH to BTC. ETH continues to hold the lead in DeFi, with over $ 4 billion and 7.5 million ETH blocked, but at its highest value on October 20, there were 9.25 million ETH blocked. By contrast, BTC locked in DeFi went from 164,000 to 170,000. in the same period of the last 30 days.