Although the share of ETH and BTC in DeFi projects has recently grown strongly, the two top cousins still make up less than half of TVL.
Due to the ongoing hype surrounding decentralised financial services (DeFi), the sector has grown in less than five months to a value of almost USD 4 billion in invested assets in the form of Bitcoin (BTC) and Ether (ETH).
According to DeFi Pulse crypto-market researchers, the amount of ether invested in DeFi projects has increased by 218.5% since June, jumping from 2.7 million ETH to 8.6 million ETH. Meanwhile, the amount of Bitcoin deposited has actually increased by more than 3,000 %, from 5,000 BTCs at mid-year to 158,800 BTCs today.
Meanwhile, on 14 October, the cryptographic exchange CoinList set a new record for the largest tokenisation of Bitcoin by a single company. Using the Wrapped Bitcoin protocol, CoinList has transferred 4,997 WBTC, representing an equivalent of $57.1 million, to the Ethereum network.
The total value of the ethers invested in DeFi is US$ 3.24 billion, which represents 7.6% of Ethereum’s market capitalisation. The BTC 1.81 billion invested in DeFi projects represent 0.85% of Bitcoin’s market capitalisation.
Despite the large amounts of BTC and ETH now invested in DeFi, the two market leading crypto-currencies still account for less than half of the total value locked, the measure of total invested assets. Together they account for 44.6%, or $11.33 billion.
However, DeFi Pulse does not disclose the shares of other crypto currencies, including SNX, COMP and DAI, in the TVL of the DeFi sector.