DeFi has witnessed significant success over the last year, with the Total value locked [USD] in DeFi skyrocketing to $1.25 billion in February. This did not last long as the TVL in DeFi was reduced to $559 million the very next day of the devastating crash. On a positive note, as the industry recovered, DeFi too has managed to rise above the losses it sustained after the Black Thursday crash.
Over the past three months, the figure for DeFi’s TVL maintained a consistent uptrend and the space has once again surpassed $1 billion with respect to the value locked within their smart contracts. The total value locked in DeFi has climbed to $1.017 billion on 8 June for the second time. This level was last seen in the first week of March.
There has also been a significant uptick in the amount of Bitcoin making its way to Ethereum over the last couple of months. This was positive news not just for the DeFi space but also for the larger Bitcoin market as more BTC locked in DeFi would imply a decline in the volume of the coins in circulation supply and subsequently a rise in demand.
However, Ethereum locked in DeFi remained relatively low at 2.6 million.