The amount of “Bitcoin At Work,” or the Total Value Locked (TVL), a measurement of the amount of BTC locked in Decentralized Finance (DeFi), has exploded over the past year.

More than 210,000 BTC (1% of the 21 million BTC supply cap) are now locked in various forms on other blockchains like Ethereum—a figure worth over $11.5 billion at current USD prices.

Up more than 300% BTC from my previous article, Can You Have Your Bitcoin And Eat It Too?, on this topic last September, it is clear that former HODLers are becoming more comfortable actually using their Bitcoin.

This figure doesn’t include any of the centralized organizations and platforms which conduct or facilitate Bitcoin financial services. Those centralized versions have also seen explosive growth: BlockFi, one such crypto lending firm, recently raised $350M at a $3B valuation.




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