More than $1 billion worth of Bitcoin (BTC) has now been tokenized to access decentralized finance (DeFi) protocols on the Ethereum (ETH) network. That’s equivalent to the entire total value locked (TVL) in DeFi less than four months ago. According to DeFi Pulse, roughly 98,300 BTC, worth $1.05 billion, has been tokenized using protocols other than Blockstream’s Lightning Network — equating to more than 12% of the DeFi’s sector’s $8.57 billion combined capitalization. Number of Bitcoins locked in DeFi protocols: Defi Pulse The milestone illustrates the increasing popularity of ETH-based…
Day: September 15, 2020
Here’s Why Ethereum Could Return to Last Week’s Lows at $315
Ethereum has surged over the past few days after bottoming at $310-315 early last week. The leading cryptocurrency has been benefiting from a recovery in both legacy markets and Bitcoin, which both have pushed higher since the lows they established last week. As of the time of this article’s writing, ETH trades for $380 — which is a price over 20% higher than the aforementioned lows. The cryptocurrency is up 5% in the past 24 hours, having pushed higher from a strong drop on Sunday morning. The coin remains in…