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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Over 167 Million BAT Utilized In DeFi Mainly In Compound, Aave And Uniswap

Dalmas Ngetich
Dalmas Ngetich
2 years ago
2 mins read
BAT Brave Tokens DeFi

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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. 

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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.

BAT Price on March 4
BAT Price on March 4| Source: BATUSDT On Binance, TradingView

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.

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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 image from Canva, Chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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