Skip to content
Ethereum Whales Increase due to 30% Price Drop

Ethereum network is now hosting most of the top DeFi projects. Even holders of Bitcoin are also shifting coins to Ethereum blockchain in the form of BTC derivatives such as wBTC.

According to the data shown by crypto analytics firm Dune Analytics, there are almost $1.497 billion in Bitcoin locked over the Ethereum blockchain. It comprises almost 3.6% of the total market cap of the world’s second-largest coin Ethereum.

Wrapped Bitcoin Involves 73% of Market Share

To shift Bitcoin over Ethereum’s blockchain, the world’s leading digital asset first covert into Ethereum-based tokens. These tokens represent Bitcoin, but they are working over Ethereum’s blockchain. The most famous token is known as Wrapped Bitcoin (wBTC), and it constitutes 73% of the total market share. The second-most prominent token is called renBTC, which represents 20% of the market share.

People are investing in DeFi projects via top digital asset Bitcoin. Besides BTC derivatives, there also many protocols, such as decentralized exchanges and decentralized lending protocols, which come under the umbrella of DeFi.

📰 Also read:  Eaziya Review - Main Features You Should Know

$10.83 Billion in DeFi Smart Contracts

According to the latest reports, DeFi tokens are losing their values, but they are still very popular among investors. The data published by DeFi Pulse shows that the total value locked in DeFi contracts equal to $10.82 billion.

According to an expert, there is a total of $1.5 billion in Ethereum-based Bitcoin, which is “130 times the amount of Bitcoin” present over the Lightning Network.  Lightning Network is based on the Bitcoin blockchain, which is developed to make transactions fast.

Investors’ interest in Ethereum shows that they want to lock their Bitcoin on Ethereum’s blockchain rather than Bitcoin’s blockchain.

Over recent months, the interest of investors decreased in decentralized finance. As a result, DeFi coins plunged after losing their values in significant amounts.

However, in the last couple of days, DeFi coins recovered to some extent following Bitcoin and other leading coins. For instance, Band Protocol (BAND) has surged by almost 7% in the previous 24-hours, while it has increased by nearly 15% over last week. Similarly, yearn.finance (YFI) has jumped by 7.68% in the last 24-hours.

📰 Also read:  PayPal Includes Native Chainlink and Solana Support for US Users

At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.

📰 Also read:  Mistake About the OKX Wallet App Launch? Here's What Happened

By Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

Leave a Reply

Your email address will not be published. Required fields are marked *