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The amount of BTC wrapped on If you've been paying any attention to Bitcoin in the last few years, you have undoubtedly heard the term "Lightning... More.continues to grow. It now stands at $22.5 million, more than twice the BTC on
Decentralized finance (also known as ‘DeFi’) is a growing part of the Blockchain is a digital ledger that’s used for storing data on several servers across the world in a decentralized, trustless... More ecosystem. Although the total amount of funds locked in DeFi-related smart contracts has plummeted in the last few months, the sector still shows promise.
In fact, since May, we have seen a new development in the Decentralized Finance (DeFi) is a term that is being used to describe the world of financial services that are increasingly... More ecosystem: the growth of wrapped BTC (WBTC) on Ethereum.
The amount of WBTC on Ethereum is now more than twice as much as what is locked on Bitcoin’s own Lightning Network. According to DeFi Pulse, Lightning Network only has around $9.2M worth of BTC locked into it.
Ethereum is clearly dominating Bitcoin’s own ecosystem.
The emergence of WBTC on Ethereum makes a compelling case that DeFi is here to stay. However, Once you've bought or received bitcoins; you now need to keep them as safe as possible. This guide will provide... More for DeFi-related products still leaves much to be desired.
Last month, the DeFi app Lendf.Me suffered a hack and $25M was drained from its smart contract. Eventually, the funds were returned—only after being trolled by the hacker himself who seemed to revel in it. There have been many other instances of hacking which has caused some commentators to grow entirely skeptical of the sector. Some have even called DeFi a ’24-7 multi-million dollar hacker honeypot.’
However, its advocates say we are still early and liken DeFi to the internet in 1997. As of now, DeFi products have not proven themselves reliable enough to protect assets. However, the amount of WBTC on Ethereum now indicates that the sector is likely here to stay.
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