WBTC, a leader in tokenized BTC, reached second place among DeFi platforms. With a total value locked of USD 2.33 billion, the WBTC platform grew by 43.4% this month.
In recent days, tokenized BTC reached a total value locked of USD 3,185 million. Meanwhile, WBTC, the leading BTC platform on Ethereum, took second place from Compound, thus ranking behind Maker. At the time of writing this article, WBTC reflects a total value locked of USD 2.33 billion.
The number of tokenized BTC on Ethereum has grown, in part, due to the pioneering cryptocurrency’s current bullish cycle. Having exceeded the all-time high of 175,000 BTC in the last week, the total value locked of BTC is currently around 170,000 units, according to data from DeFi Pulse.
However, the increase in the price of Bitcoin has been a determining factor in the rise in the value of the BTC tokenized on Ethereum. For that reason, the WBTC platform has risen very quickly to the first place.
According to data from DefiPulse, the total value locked on DeFi platforms exceeds USD 14,350 million, compared to the list of the five leading DeFi platforms. On September 1st, the total value locked on WBTC was a fifth of what it exhibits today, and it did not appear among the top 10 platforms.
DeFi platforms, especially lending ones, recorded their biggest boost in July. The total value locked exceeded USD 3 billion thanks to the introduction of the Compound token. In this way, so-called yield farming began to grow in popularity.
The total value locked on DeFi platforms had already reached USD 10 billion in September but continued to grow. After the momentum that Bitcoin gained in July, the pioneering cryptocurrency’s boom has become more pronounced in recent weeks. That has contributed to raising DeFi total value locked, thanks to platforms like WBTC and tBTC.
The rise in the price of Bitcoin has reduced the dominance of Ether (ETH) regarding total value locked, according to figures from DeFi Pulse.
In October, investors shifted from Ether to Bitcoin, which led to this breakthrough of Bitcoin on DeFi platforms. Ether is still the leader on these platforms, with over USD 4 billion and 7.5 million ETH locked. However, it reached its highest value on October 20th, with a total of 9.25 million ETH locked. In contrast, the number of BTC locked on DeFi platforms went from 164,000 to 170,000 units in the same month.
By Willmen Blanco
