The WBTC platform, a frontrunner 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 full locked value of tokenized BTC reached USD 3,185 million on November 21, whereas the main BTC platform on Ethereum, WBTC moved Compound out of second place, behind Maker. WBTC displays, on the time of writing, a locked value of $ 2.33 billion.
The present bullish cycle of bitcoin has contributed to rising the BTC tokenized in Ethereum. After breaking the all-time excessive of 175,000 BTC final week, in response to DeFi Pulse, blocked BTC is at the moment reaching 170,000.
However the improve within the price of bitcoin has been decisive to boost the value of the BTC tokenized in Ethereum. Because of this, the WBTC platform has risen in a short time to the primary locations.
Beneath is the graph of the overall value locked in DeFi, which exceeds $ 14,350 million, subsequent to the checklist of the 5 main platforms in DeFi. The primary of final September, WBTC had lower than a fifth of the locked value it reveals as we speak, and it was not among the many prime 10 platforms.
WBTC conquers the second place of the DeFi platforms, whereas the overall of blocked value exceeds USD 14,000 million. Supply: DeFi Pulse.
The largest increase from DeFi platforms, particularly lending platforms, was recorded in July, as reported by CriptoNoticias. It was with the introduction of the Compound token that the overall blocked value exceeded USD Three billion and the so-called curiosity harvest or yield farming started to grow to be common.
As of September, the overall value locked on DeFi platforms had already reached $ 10 billion and continued to develop. After the July push, the bitcoin growth, extra pronounced in latest weeks, has helped drive up DeFi’s whole locked value, due to platforms like WBTC and tBTC.
In response to figures from DeFi Pulse, The impact of the rising bitcoin price has diminished the dominance of ETH in locked value.
This breakthrough of Bitcoin on DeFi was proven from one other angle by CryptoInformation when it highlighted an investor shift in October from ETH to BTC. ETH continues to carry the lead in DeFi, with over $ Four billion and seven.5 million ETH blocked, however at its highest value on October 20, there have been 9.25 million ETH blocked. Against this, BTC locked in DeFi went from 164,000 to 170,000. in the identical interval of the final 30 days.