Bitcoin's latest price swing has precipitated quite a stir in the cryptocurrency market. Its impact was felt across the decentralized finance sectors as well, as the world’s largest cryptocurrency's surge propelled a fresh all-time high for Bitcoin locked in DeFi, a figure that sprung to 4.04k on 3 June, doubling from 2.23k less than a month ago.
Meanwhile, Ethereum locked in DeFi continued to be relatively small. The total value locked [USD], however, noted an uptick, a development that coincided with the positive movement of the crypto-assets in the larger market.
The figure for Bitcoin locked in DeFi exploded last month after Maker Governance held a vote that decided to use WBTC as collateral to the Maker protocol. Since then, the total value locked in WBTC has also risen substantially, notably hitting a new high on 2 June when it climbed all the way to $39 million.