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Bitcoiners are entering the DeFi sector

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According to a recent Messari report, several bitcoiners are entering the world DeFi.

The report begins with an interesting fact: During 2020 alone, $ 500 million worth of BTC was taken to Ethereum.

According to DeFiPulse at the end of December 2019, less than 1,500 BTC were blocked on DeFi platforms. Only in mid-April did this volume exceed the 2000 BTC threshold, but since May there has been a first increase.

At the end of May, there were already almost 5,000 BTC, while from mid-June there was decidedly strong growth, thanks to which by mid-July 15,000 BTC had been exceeded.

By August 10, they had risen to 22,000, but at that point, real exponential growth was unleashed which, in just three weeks, brought the BTC locked on DeFi platforms to more than 73,000, for a dollar equivalent to more than 800 million. Dollars.

Of these, almost 40,000 BTC are locked in WBTC, that is, the platform that allows obtaining ERC-20 tokens in Ethereum that represent 1: 1 the value of BTC, while almost 20,000 BTC are locked in the DEX Curve.

Another 16,000 are on RenVM, 12,800 on Maker, 9,700 on Aave, and 9,500 on Balancer. There are only 1,100 on the Lightning Network.

Hence, the vast majority of these 73,000 BTC are fixed on Ethereum-based DeFi platforms, and this confirms the data highlighted by Messari.

Messari commented:

“2020 will be remembered as the year blockchain interoperability became a reality. Attracted by the allure of Ethereum's booming DeFi ecosystem, Bitcoin holders have transferred more than $ 500 million worth of Bitcoin to Ethereum in the year. "

To date, 0.3% of all existing BTC has been locked onto DeFi platforms on Ethereum, but this figure would still be growing strongly.

The reason for this change would be that several bitcoiners would have decided to take advantage of their BTC within DeFi protocols not compatible with the Bitcoin blockchain, but based on Ethereum. To do so, they were forced to bring their BTC to Ethereum-based DeFi platforms, in order to participate in the real craze that is raging around these new protocols.

This is curious to say the least, as it is commonly thought that many bitcoiners are maximalists, that is, supporters of Bitcoin's clear and absolute superiority over all other blockchain platforms, but given that there are very few DeFi tools on this blockchain , and none have been very successful yet, those who want to participate in this phenomenon can only use Ethereum-based platforms.



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