The recovery continues: Locked-in value in DeFi projects is back near its previous peak
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Answer The recovery continues: Locked-in value in DeFi projects is back near its previous peak
After the recent crash that occurred with the rapid and abrupt decline of Bitcoin, the closed value in the decentralized finance market also fell, after witnessing a clear recovery in the total closed value (TVL).
According to the dataDeFiPulseThe current value locked in all decentralized finance protocols has reached $87.3 billion.
The underlying growth metric for DeFi has seen very sharp fluctuations since the start of the week.
On the news of the adoption of Bitcoin as a legal currency in El Salvador, the locked-in value in the DeFi market surged in response, reaching a new all-time high of $98.2 billion.
Read:Bitcoin Miners Sold All Their Bitcoin Coins in May 2022
But this closed value could not stay in this bullish trend especially with the rapid crash that occurred.
TVL’s closed value fell sharply to $76.27 billion on September 8.
As shown in the chart above, sharp moves were recorded at $88.561 billion on September 10, then a drop to $82.191 billion earlier in the day.
DeFi market investors are very careful with their money in an unstable and constantly volatile market.
More money in Bitcoin and less in Ethereum:
Despite the increasing reliance on Ethereum, the current outlook on the DeFi market shows funds increasingly deposited and locked in Bitcoin at the expense of Ethereum.
Funds deposited in Bitcoin were recorded at 203,346 BTC, on September 7, falling back to 187,501 BTC in September and growing again to 202K BTC recently.
The situation was different with Ethereum as the number of cryptocurrencies currently closed (7.3 million ETH) meaning it is still much lower than the 7.76 million ETH recorded on September 7.
As the DeFi market seeks to sustain an ongoing recovery, it appears that Bitcoin, which has reached block 700,000 today, is contributing more than Ethereum, whose assets are also included in the Ethereum 2.0 deposit contract.
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