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Home»News»Cryptocurrency News»Bitcoin continues to flow into DeFi: there are now $1.9 billion in BTC on Ethereum

Bitcoin continues to flow into DeFi: there are now $1.9 billion in BTC on Ethereum

Cryptocurrency News November 6, 2021
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Bitcoin continues to flow into DeFi: there are now $1.9 billion in BTC on Ethereum
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With the continuous development of DeFi, the Ethereum network has also seen significant growth. This is reflected in the increase in network activity. Bitcoin has not been ignored in this growth. Because the total number of bitcoins converted into tokens on Ethereum is also increasing. Data from Dune Analytics and Glassnode show that despite recent price adjustments. However, the net inflow of BTC into DeFi in September increased by 10%.

The data also shows that the net inflow of BTC into DeFi is roughly the same as the net outflow of CeFi. Given that a large number of Bitcoins were transferred to the Ethereum network this year, this is not surprising. In July alone, BTC worth 96 million USD was transferred to the Ethereum blockchain. Since then, the total net outflow of BTC from CeFi is approximately US$2 billion, while the total net outflow of BTC into DeFi is approximately US$1.9 billion.

Try to inflow as large as possible, but according to the report. As of the second half of 2021, only 0.4% of the total Bitcoin supply has been booked on the Ethereum blockchain, for a total of 72,000 BTC. This means that as CeFi continues to decline in the future, more funds will flow into the DeFi section.

According to data from data aggregator DeFi Pulse, the total number of bitcoins flowing into DeFi has increased from 90,766 to more than 117,000. Although the value fluctuates, this increase has increased by 28.9% in just two weeks.

And Noel Finance based on BSC is a rising star in the DeFi field. Noel Finance has built a decentralized public financial service platform. The goal is to create a trusted environment system for unsecured loans in the DeFi world. The system combines the models of traditional financial instruments into a single infrastructure based on public blockchains and smart contracts.

Users can get deposit/withdrawal and loans in different cryptocurrency forms. In the future, it is also possible to issue loans and earn interest through cryptocurrency. At the same time, users can also receive NTFI tokens as a reward for maintaining the network effect of the Noel Finance financial ecosystem.

Noel Finance is to study the output, circulation and distribution of digital assets and financial assets. The core value of the financial system is to provide liquidity.

NOEL plans to gradually implement and aggregate financial product matrix applications and financial derivatives including Noel Finance, LEND, SWAP, VAULT, INSURE, NFTSYSTEM, DERIVATIVES and DAO in 3-5 years. Leading the reform of the DeFi industry and becoming the most dazzling star of DeFi.

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