DeFi Down on Bitcoin Dip 📉💥

February 24, 2021: Big volume on $hBTC, $sBTC, $renBTC

Here are today’s trends to watch from Curve Market Cap:

DeFi is still digging through the debris of yesterday’s massive pullback, where billions of dollars got destroyed.

DefiMoon @DefiMoon

Bear market hitting TVL hard on the major #defi protocol.📉 👻 $AAVE (V1 + V2): ~-1.5B 🤖 $COMP: ~-1B 👑 $MKR: ~-1.5B 💱 $CRV: ~-700m 🦄 $UNI: ~-1.1B 🍣 $SUSHI: ~-1B

Why the big volume drop? We don’t think it was necessarily paper hands rushing out. Curve has a lot of volume locked in BTC and ETH pools, so it’s no surprise that a 20% price drop in USD terms would affect the TVL bottom line. No particular reason to panic.

It was notable to see the heavy volume with BTC pools nearing the top of the charts, including heavy traffic through hBTC ($15MM), sBTC ($11MM) and renBTC ($9MM). Of the three, only hBTC represented a notably large spike in volume:

Crypto₿uzz @cryptobuzznews

Amount of Liquidations in the past 24 hours by exchanges. In total $5.6B was liquidated! In the past 24 hours , 650 175 traders were liquidated. The largest single liquidation order happened on #Huobi-BTC value $20.66M Data source: bybt.com $btc

sBTC commonly sees high volume as a consequence of its use in Curve’s cross-asset transactions.

Meanwhile, REN is notable in terms of its many bridges across blockchains lately.

davis 🐺🦊 @basedkarbon

Right now with the release of the @renprotocol v2 bridge, $REN has become a way to speculate on the growth of multiple chains as it bridges multiple blockchains to ethereum and bsc. Karbon Kapital speculates that the ren bridge will be extended to Solana (Alma Mater) and others

With Eth gas fees brutal lately, heavy traffic is flowing to BSC. REN has jumped all over this trend with their v2 bridge:

Ren @renprotocol

With the addition of #BinanceSmartChain RenBridge 2 brings interoperability to a whole new DeFi ecosystem. $BTC, $BCH, $ZEC, and $DOGE liquidity can now flow freely to and fro #BSC, ultimately expanding utility for that of #RenVM and @BinanceChain Thread 👇

Of course, you know who don’t look terribly worried about gas prices? These people!

We’re launching Pool Party to help get people into DeFi at lower gas prices. Stop by and tell us your thoughts on our spec.

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For more info, check our live market data at https://curvemarketcap.com/ or our subscribe to our daily newsletter at https://curve.substack.com/. Newsletter is an independent roundup of interesting trends in cryptocurrency, never financial advice. Author stakes $CRV, owns no hBTC, sBTC, or renBTC.