“Bitcoin at Work,” or Total Value Off (TVL), a measure of the amount of BTC locked in decentralized finance (DeFi), has exploded over the past year.

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

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 actually getting more comfortable using their bitcoins Have been.

The figure does not include any centralized organizations and platforms that operate 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.

Locking these coins allows bitcoin holders to generate yield, leverage their bitcoins as collateral, or use their bitcoins in various smart contracts. Gradually, the attitude towards bitcoin can shift from a digital pet rock to an ancient bailout.

By Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.