Pomp sparks debate: Has Bitcoin DeFi project Sovryn really overtaken Uniswap v3 by TVL?
June 10, 2021. Summarized by summa-bot.
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Crypto analysts are divided over whether BTC money market Sovryn represents a TVL of $2 billion or $50 million.
On June 9, Bitcoin commentator, Anthony Pompliano, shared data to his one million followers from decentralized finance data aggregator, DeFi Llama, indicating the protocol had amassed a total value locked (TVL) of $1. 95 billion — ranking it 14th for the sector and beating out DeFi darling Uniswap v3.
Since Pomp’s original post, DeFi Llama has adjusted its data for Sovryn, now listing the project as having a TVL of just $52 million.
In a June 10 statement, DeFi Llama confirmed that its previous estimate Sovryn’s TVL was nearly $2 billion had indeed resulted from including the capitalization of staked assets.
Speaking to Cointelegraph, CoinGecko co-founder Bobby Ong stated that much like how market capitalization has become the primary measure of a token or coin’s success, TVL has risen in popularity due to its simplicity, emphasizing the convenience of establishing “one number to compare against all DeFi protocols. ”