Ether in Decentralized Finance Projects Reaches 90-Day High

Asia Blockchain Review
September 18, 2019

Decentralized Finance, or DeFi, is gaining traction in the industry and taking the crypto world by storm. According to DeFi tracking platform DeFi Pulse, the amount of ether (ETH) currently locked up in DeFi projects has hit a 90-day high, owing largely to the rise in decentralized loan platforms.

A Steady Rise in DeFi Projects

DeFi Pulse revealed that the amount of ETH locked in projects now amounts to over 2.13 million ETH (approx. US$379 million at the time of this report). In June 2019, the figure was approximately 1.8 million ETH.

Currently, the combined amount of ether locked into the top three loan platforms — MakerDao, Compound, and InstaDapp — has topped 1.8 million ETH. This means that users of the platforms have made them inaccessible for various purposes through the use of smart contracts. For platforms like MakerDAO, developer of the stablecoin DAI, ETH can be used as collateral to take out a loan and is, therefore, locked up for the duration of the loan.

Traders Bullish on Crypto Market

As more ETH is locked up and reduces supply in the market, crypto traders are becoming increasingly confident and taking long positions on the virtual currency. The greater use of ether in smart contracts has also been taken as an indicator of greater real-world use of cryptocurrency in general.

MakerDAO currently holds the most ETH at nearly two-thirds of all ether that is locked up at 1.4 million ETH (approx. US$249 million).


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Blockchain-Based Property E-Sealing In China
    China courts are employing blockchain and AI-powered electronic seals to secure properties from dest...

    August 3, 2020

    Future Doctors: An Exploration Of Technology
    Blockchain technology provides an innovative approach to automated DR programs which creates another...

    July 25, 2020

    Vietnam On Track For A Supercharged Future
    The Vietnamese government wants to see the e-commerce sector to grow by at least 25% each year. Reac...

    July 22, 2020

    Digital Payment: Dethroning Cash As King
    In the age of the new normal post-Covid-19, perhaps blockchain wallets may be the technological gene...

    July 21, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us