The amount of Ethereum locked in DeFi apps hit a new record
The pinnacle three decentralized finance protocols account for 90% of stored Ethereum funds, as reported by Defi Pulse.
According to data, the Ethereum amount reserved in DeFi (Decentralized Finance) has reached an all-time high with 4.3 million ETH.
Demand for this kind of services is emerging, as seen from the ever-increasing locked ETH across Defi apps (Ethereum-based, in particular).
As 2019 took off with roughly 55,000 locked ETH, favored DeFi lending protocols such as Maker, InstaDapp and Compound, witnessed a rise in the number of smart contracts with Ethereum locked in up to 2.2 million by halfway through April. Just 3 months later, the quantity of locked up tokens dipped harshly at 1.68 million EHT, due to the two-fold increase in Ethereum price, from $160 up to $320 in July.
Still, the quantity of locked ETH has been ascending steadily ever since. Towards the end of August, it has reached 2 million, then 2.3 million for October and climaxed at 2.4 million earlier this month before reaching an all-time high of 2.7 million. Meanwhile, DeFi Pulse is showing that Maker, which at the moment locking up 2 million ETH on its platform, stores a great portion of these funds (74%).
In a mere 24 months, the total value of all funds locked on Ethereum Defi apps has gone from low million USD to hundreds of millions, in accordance with DeFi Pulse.
- [Shock] Ethereum Transaction Fees Extremely High Up To $30
- What Is The Meaning Of Ethereum “Transaction Flippening”?