Although Ethereum is the “queen” of decentralized finance, Bitcoin (BTC) is also gradually gaining ground within DeFi, building its position in the industry thanks to the efforts of companies such as pTokens that have made it possible to lock and use BTC on other blockchains as well. As such, how many bitcoin are locked on DeFi platforms?
As usual, let’s start analyzing the macro data and then move on to the details. This kind of information can be retrieved on DeFi Pulse.
The total number of bitcoin locked amount to just over 2,000 BTC, which is not a particularly significant figure, especially when compared to Ethereum, however, a positive and growing trend can still be observed.
Where are these locked bitcoin?
There are various protocols that allow managing bitcoin both as assets and on DEX and payment platforms. Let’s analyze the first 5 positions in terms of quantity of BTC locked.
The winner of the ranking is WBTC which, with its 1100 BTC locked, is currently the most representative and used token within DeFi.
Interestingly, at position number 2 there’s the Lightning Network protocol, the second layer of bitcoin that manages 964 BTC, a figure indicating that currently this system is not particularly used, as shown by another ranking that explains that there are more BTC on Ethereum than on LN.
In third place, there is Compound, where this asset can be used for lending. It should be remembered that now the decentralized governance of Compound is active and anyone can actively participate thanks to the COMP token.
In fourth and fifth place there are 2 decentralized exchanges (DEX): Uniswap with 94 BTC and Kyber with 92 BTC. These figures are really very low, but they show that bitcoin is supported across all areas of DeFi.
The incidence of bitcoin in DeFi is only 0.01% compared to the 21 million total supply, hence a very small value, but it is safe to say that it will increase a lot in the coming years.