ETH locked in DeFi hits a new high, equivalent to 8.3% of the supply

ETH locked in DeFi hits a new high, equivalent to 8.3% of the supply


2021-03-26 23:37:39

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The number of Ethereum locked in decentralized financial protocols (DEFI) and smart contracts has reached a new all-time high of more than 9 million.

Ethereum has kept the majority of its profits this year, which is largely thanks to the growing use of decentralized financial protocols (Defi).

According to data from the DefiPulse analytics site, the amount of ETH locked across the entire DeFi ecosystem currently stands at a record 9.2 million.

And at a price of $ 1,800 per ETH, that equates to $ 16.5 billion.

In terms of supply, it accounts for about 8.3% of the total Ethereum supply, i.e. over 115 million tokens. According to Santiment, the number of addresses holding 100-10K ETH has decreased by around 7% since the asset reached an all-time high at $ 2,050 on Feb. 20.

NFT provider at FlamingoDAO, Chris Cable, commented that these accounts are bringing ETH into DeFi smart contracts:

Many / most $ 100 -10,000 ETH wallets tend to bring their ETH to work in DeFi …

According to analytics provider Glassnode, the amount of Ethereum locked in DeFi has grown steadily over the past three months, with an average monthly increase of 9.6%. But in the most recent period (from February 17 to March 17) the average has inched up to 11.2 percent.

Online data provider Sanitment also noted that whale accounts holding more than 10,000 ETH have not decreased in number. That shows that they are owned or managed by exchanges, corporations or institutional funds.

Analyst Anthony Sassano also commented that after Bitcoin, companies are now looking to Ethereum as an investment or store of value.

ETH is slowly being “swallowed up” by big companies, like Meitu who actually owns more ETH than BTC!

This month, it was reported that Chinese app maker Meitu purchased 15,000 ETH as part of a $ 40 million crypto investment.

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