The DeFi market’s locked in value might be inflated by nearly $3 billion, according to Encode Club founder Damir Bandalo. In a tweet posted on August 17, Bandalo said that he had calculated how much was locked in protocols and found a disparity.
- Bandalo examined the top 15 protocols, calculating that only $3.5 billion was locked in
- Examined protocols include Maker (MKR), Aave (LEND), Curve (CRV), Compound (COMP), Uniswap, and several others
- DeFiPulse currently shows $6.21 billion in locked funds
- Bandalo discussed how funds get reshuffled, being counted multiple times as it gets used in various DeFi protocols
- He also highlights the fact that only 3.85% of ETH & 0.18% of BTC is locked in DeFi
- ETH accounts for 50% of total value, stablecoins account for 33% of value and BTC 10%