Advertising revenue keep this site going. We do not actively endorse ads served to us.
DYOR. Please use your due diligence while on this site.
We also do not get information from our visitors.

Over 15% of Ethereum (ETH) is Locked In Smart Contracts

cryptocurrency September 20, 2020
[ CHECK THE LATEST PRICE ANALYSIS HERE ]

Over 15% of Ethereum (ETH) is Locked In Smart Contracts 4

Advertisements

Quick summary:

  • Over 15% of the Ethereum supply is locked in smart contracts
  • This comes at a time when the total value locked in DeFi is about to hit a new milestone of $10 Billion
  • In a sense, Ethereum is carrying the entire crypto market right now

Over 15% of the Ethereum (ETH) total supply is locked in smart contracts. This is according to the team at Unfolded who highlighted this fact via the following tweet.

Total Value Locked in DeFi About to Hit $10B

This revelation of the supply of Ethereum locked in smart contracts comes at a time when the total value locked in DeFi has experienced a massive rebound after the market selloff in the first week of September. A quick glance at DeFiPulse.com reveals that the total value locked in DeFi is approximately $9.77 Billion with UniSwap dominating the DeFi space with 19.84% of the total value locked.

Advertisements

Over 15% of Ethereum (ETH) is Locked In Smart Contracts 3

Ethereum is More or Less Carrying the Crypto Markets

Of this amount, 7.9 Million ETH is locked in the various DeFi platforms. This translates to roughly $3 Billion using an ETH exchange rate of $380. This means that 30% of the total value locked in DeFi, is in the form of ETH.

The popularity of DeFi protocols has come with similar popularity in the respective tokens of each platform. A quick recap of the past few weeks reveals that the major crypto exchanges such as Binance, Poloniex, Coinbase Pro, Bitfinex, KuCoin and the rest, have been busy listing the said DeFi tokens in a bid to keep up with the competition in the form of decentralized exchanges such as UniSwap and SushiSwap.

Additionally, a quick glance at crypto twitter reveals that a majority of the conversations are centered around DeFi tokens such as UNI, YFI, CRV, SUSHI and ChainLink. To note is that all these tokens are built on the Ethereum network thus leading several crypto enthusiasts and traders such as @ByzGeneral, to conclude that the entire Crypto market is being carried by ETH.

@ByzGeneral pointed out this observation via the following statement on Twitter.

Advertisements

I’m not an $ETH maximalist, but you gotta agree that crypto is basically just the ethereum ecosystem right now.

The whole market is getting carried by ETH.

Related posts:

Uniswap’s network activity falls to a month low, but it’s not all bad news
Axie Infinity Hacker has Laundered 7.5% of the Stolen Ethereum via Tornado Cash
Ethereum 2.0 Deposit Contract Now Holds 4M ETH Worth $10.8B
Ethereum’s (ETH) Correlation to Bitcoin is Gradually Decreasing

Recent Posts

Categories

Disclaimer

Ethereum Watch does not make any guarantee or other promise as to any results that may be obtained from using our content. To the maximum extent permitted by law, Ethereum Watch disclaims any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses.

Content contained on or made available through the website is not intended to and does not constitute legal advice or investment advice and no attorney-client relationship is formed. Your use of the information on the website or materials linked from the Web is at your own risk.

No one should make any investment decision without first consulting his or her own financial advisor and conducting his or her own research and due diligence.