Many Bitcoiners hate DeFi.
They quote hacks and scams as the reason.
When you dig deeper, they name 1 of 2 things.
The big 3 centralized failures of BlockFi, Celcius, and FTX. Or the total $ amount of hacks in crypto.
The former is corporate companies, not DeFi.
The latter doesn't separate altcoins from BTC.
So I did my proof-of-work to get these numbers as we go into Bitcoin DeFi summer 2024.
The Stats:
In 2023, $1.1 billion was lost to DeFi hacks.
This number is down 60% year-over-year.
This could be due to bear market slowness or smart contract security getting better. π€·ββοΈ
How much of that $1.1 billion was BTC? 11%
A total of $112 million BTC was lost over 5 exploits.
These topics are very nuanced.
For example, BTC as a ratio to other tokens has been a very small percentage of DeFi.
Most of the BTC in these protocols is in more robust protocols like Aave (holds $2b BTC today)
I only present this information as a counter-weight to the Twitterati who present this in black-and-white terms, and to establish a base stat to build from as Bitcoin-centered DeFi becomes more prominent.
Do with this information as you wish.