The number of BTC locked up in decentralized financial projects increased by more than 30% in the past week, despite the decline in the prices of Bitcoin (BTC) and Ether (ETH).

The total closed value of the USD, or TVL, can rise and fall depending on the market, even if there is no change in the number of locks. Over the past week, TVL tumbled from steady highs of $ 9.6 billion on September 2 to $ 6.1 billion on September 10, and then rose again to $ 7.8 billion.

According to the tracking platform DeFi DefiPulse, the number of blocked BTC increased from 67,038 BTC ($ 694 million) on September 2 to the current full price of 87,752 BTC ($ 904 million), an increase of 30.9%. This increase is 20 times the number of BTC blocked on the Lightning Network.

More than 50% (51,295 BTC) of banned bitcoins are in Ethereum at WBTC, accounting for 63% of BTC’s gains since September 2 and another 13,000 WBTC blocked on the network.

RenVM, which also allows users to encode their BTC on Ethereum, has blocked 17,630 BTC and is growing more than 2,500 BTC since the start of the month.

In contrast, the Bitcoin Lightning Network accounts for only 1.2% (1,061 BTC) of the total BTC banned at DeFi. Blocked BTC on the Lightning Network grew by only 4 BTC, or less than 0.02% of total BTC gain in September.

The 198 BTC added to the Lightning Network since the start of the year represents an increase of 23% and is dwarfed compared to the addition of more than 50,000 BTC WBTC this year, representing an increase of more than 8,600%.

Despite 600,000 Ether removed from DeFi protocols, Bitcoin remains second. It represents less than half of the $ 2 billion worth of locked Ethereum coins. In total, approximately 5% of Ethereum’s traded supply is currently closed to DeFi.

Source: CoinTelegraph

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