Over 167 Million BAT Utilized In DeFi Mainly In Compound, Aave And Uniswap
March 05 2023 - 8:13AM
NEWSBTC
In a recent report, Brave Browser said that over 11% of BAT,
their native token, is being actively utilized in DeFi protocols,
mainly in Uniswap and Compound. BAT Usage In Compound, Uniswap, And
Aave Brave, a privacy-focused browser that rewards users with Basic
Attention Token (BAT) when they view advertisements, said more than
167 million BAT were locked in DeFi protocols in 2022.
Related Reading: DeFiLlama Releases Special Uniswap v3 Router For
Optimism This comes when the broader crypto and DeFi markets
contracted as asset prices fell during the recent winter. BAT
prices fell from $1.59 in late 2021 to $0.27 in early March 2023,
an over 80% drop. DeFi is a channel through which ordinary users
can access complex financial products while being in charge of
their assets. Based on the Ethereum ERC-20 standard, BAT is
fungible. It can be shifted between protocols depending on the
holder’s needs. More users, Brave revealed, prefer engaging
with Uniswap, a decentralized exchange on Ethereum and other
blockchains, Compound, a lending and borrowing protocol, and Aave,
a decentralized money market. However, how much BAT was locked up
in the above platforms is not immediately clear.
When writing on March 4, Compound had a total value
locked (TVL) of over $1.8 billion. Aave and Uniswap were the two
largest protocols, with TVL of $4.6 billion and $3.9 billion,
respectively. 270 Tokens Held By Exchanges Mainly In Binance
Over 99% of the total 1.5 billion BAT tokens are in circulation; a
big chunk remains in centralized exchanges. As an illustration,
more BAT tokens are held in platforms like Binance and Crypto.com
than those held in non-custodial wallets, engaging in DeFi.
At present, over 18% of the total supply, or 270.78M BAT, is in the
hands of centralized exchanges. Out of that, over 37% are held in
Binance Global and their subsidiary in the United States.
Meanwhile, holders prefer to hold their tokens at Bittrex, Gemini,
and Bitflyer. Related Reading: Crypto Fund, Arca, Doubles Down On
These Two DeFi Protocols Brave expects more users to shift their
tokens to their control following the release of the multi-currency
Brave wallet. The browser notes that 464,289 holders make the
platform the 13th most distributed in Ethereum. With more
people set to use the Brave Wallet, following integration in
networks such as Polygon, Ethereum, Solana, and the BNB Smart Chain
(BSC), the number of individual BAT holders across various
blockchains would increase, further decentralizing it. Feature
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