$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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Exchange 5 hotspot tracking: The relationship between platform currency and IEO is like stocks and futures

On April 26th, an online conversation on the theme of “Exchange Hotspot Tracking” was held on TokenClub...

News

Twitter featured: Mancoin network suspected of being stolen 100 million US dollars, the official claims to maintain

01 CoinDesk Media News Lightning Labs released its first desktop application on the Bitcoin blockchain. Lightning Lab...

Blockchain

Beginner's Guide | Why choose a highly liquid exchange?

Source: Medium Translation: First Class (First.VIP) Liquidity is the most important concept that everyone needs to un...

Blockchain

We sorted out 40 "running road" cryptocurrency exchanges, all of which share these common routines

Article | Interchain Pulse · Liangshan Huarong On February 23, the ZG exchange was exposed as suspected to be ru...

DeFi

White Paper's publication has reached its 15th year, how has the Bitcoin ecosystem evolved?

In the world of encryption, a document's status is equivalent to the Bible and the Declaration of Independence. It is...

Blockchain

The original market maker is not "Zhuang"? What is the significance of the coin safety ball recruitment market?

On September 30th, the company announced that it has launched the Global Markets Program and will recruit Market Make...