Bitcoin (BTC), valued at more than $1 billion, was tokenized to access decentralized finance (DeFi) protocols on the Ethereum (ETH) network. This amount is equivalent to the total value locked in Defi less than four months ago.
About 98,300 BTC, worth $1.05 billion, were tokenized using protocols that exclude Blockstream’s Lightning Network, according to DeFi Pulse. The amount tokenized is more than 12 percent of the DeFi industry, worth $ 8.57 billion.
Number of bitcoins locked in DeFi protocols: Defi Pulse
This number suggests that ETH-based protocols are becoming increasingly common among bitcoin savers to generate passive income. The value locked in the entire DeFi industry was only $ 1.05 billion at the beginning of June, with Bitcoin accounting for 4.7 percent of the $ 47.5 million. Defi’s market value, represented by Bitcoin, has risen 150 percent over that time.
Lightning Network, on the other hand, has attracted 1,100 Bitcoins worth just $ 11.5 million since it launched in March 2018.
Only 0.47 percent of bitcoin’s total supply is tokenized, meaning there could be a much more intense flow of bitcoin into Defi in the coming months.
