The amount of funds frozen in 15 leading DeFi-protocols is $3,5 billion, compared to more than $6 billion in DeFi Pulse. These are the conclusions reached by the founder of the blockchain community Encode Club Damir Bandalo.
The analyst noted that due to the inherent “composability” of the DeFi-sphere, every dollar in it is counted several times.
“Let’s say you deposit ETH with MakerDAO and issue DAI. Take these DAIs, go to Curve and place them in yCurve. Your dollars can actually be counted 5 times, ”he stressed.
Bandalo received his assessment of the funds blocked in the protocols by excluding re-accounting of tokens.
In the course of the work, the analyst calculated that 3.85% of the total emission of ETH was frozen in the DeFi protocols, while for Bitcoin this figure is only 0.18%. Of the total funds, 33% are in stablecoins, 50% in ETH and 10% in BTC.
Recall that 32% of participants in the Blockfolio survey of the app for monitoring cryptocurrency positions admitted that they did not understand the basics of DeFi.