$405 million! Ethereum's DeFi lock position reached a new high, MakerDAO accounted for 74%

According to data from the data analysis website DeFi Pulse, Ethereum (ETH) stored in Decentralized Finance (DeFi) applications reached a new milestone: 2.7 million.

Etherum

In dollar terms, this figure is currently about $405 million – a figure that is lower than the previous record of 2.4 million ETHs due to a sharp price decline. Despite this, the surge in the number of ETHs locked in the Ethereum DeFi application marks a significant increase in demand for such services.

At the beginning of 2019, the number of ETHs locked in DeFi applications was about 55,000. With the increasing demand for DeFi lending agreements (such as Maker, Compound and InstaDapp), by mid-April, the number of Ethereum locked in smart contracts reached A high of 2.2 million. Over the next three months, the price of Ethereum doubled from $160 to more than $320 in July, and the number of token locks fell to a low of 1.68 million ETH.

However, since then, the number of locked ETHs has been steadily rising. It reached 2 million at the end of August and reached 2.3 million in October. It increased to 2.4 million earlier this month and now reaches a peak of 2.7 million. According to DeFi Pulse, the vast majority (74%) of these funds are stored in Maker, and currently 2 million ETHs are locked on the Maker platform.

The Maker platform uses Dai, an algorithm that is linked to the dollar to stabilize coins. Earlier this week, Maker launched a multi-collateral stable currency. Prior to this, users could only use Ethereum to mortgage Dai-based loans. But since this week's upgrade, users can now use Brave's Basic Attention (BAT) and support Augur (REP), Golem (GNT), 0x (ZRX), DigixDAO (DGD) and OmiseGo (OMG).

The second most ranked number of DeFi application locks is the password lending platform Compound, which has approximately 317,000 ETHs locked on its network. Just last week, Compound completed a $25 million Series A round of funding led by investment giant Andreessen Horowitz, indicating that the portfolio DeFi has recently gained investor interest.

According to DeFi Pulse, just over 24 months ago, the dollar value of the locked-in funds on the Ethereum DeFi application was only a few million dollars. Now, this number has reached hundreds of millions.