DeFi’s locked ETH is about twice as much as that of the exchanges according to Glassnode

Since the start of 2020, DeFi protocols have had a rise of 75% in their amount of locked ETH while over the same period, centralized exchanges share of ETH has dropped by 30%.

Share

Decentralized exchanges (DeFis) have obviously been more successful in attracting and locking ETH than their centralized counterpart. This is more obvious and tangible after Glassnode’s sharing of a chart in this regard. This on-chain analytics provider compared the amount of ETH stored (locked) on the centralized exchanges to Ethereum-based smart contracts.

The supply share of ETH on centralized exchanges fell from 17% to 12%, almost more than one-fourth while that of smart contracts rose from 13% to 22.8%. This suggests that DeFi is gaining popularity while its counterpart is losing its share and as a result the trading fees.

sdasdasdada.png

Ether supply: in smart contracts and on centralized exchanges. Source: Glassnode

DeFi Llam, the crypto data aggregator, figures tell us that around 9% of the ETH supply is locked in other networks’ smart contracts rather Ethereum mainnet.

DeFi Llam gives an estimate that Binance Smart Chain protocols hold 7% of the circulating ETH or 8.3 million coins while 0.25% and 0.09% are on Solana and Avalanche which is equal to 286,153 Ether and 103,902 ETH , respectively.

Discussions of a new “flippening” over Bitcoin seem to have been heated up since Ethereum’s setting a new ATH around $3,500 which touched the futures’ market as the volume of ETH futures has surpassed BTC market.

Categories

Cryptocurrency(5)

Latest News

ADA stands at $2 prior to Cardano smart contract announcement

Since May, this is the first time ADA hits $2 which is interesting because it happened before the introduction of Cardano smart contract. ...

SEP 13, 2021

BTC, ETC, LUNA, KLAY, AXS are the top 5 cryptocurrencies to consider this week

ETC, KLAY, LUNA, and AXS could rise higher and gain more profit if Bitcoin bounces back a support zone. ...

AUG 15, 2021

The hacker returned almost all of the $600M and rejected the $500K reward from Poly Network

In a white hat gesture, Poly Network hacker gave back all of the money and said that he is neither interested in the bounty nor in responding to the offer. ...

AUG 12, 2021

$600 million was stolen in an exploit on Poly Network

In an exploit, hackers managed to steal $600 million from the Poly Network across three chains. ...

AUG 10, 2021

Tags

Ethereum

Ethereum Classic

DeFi

Tags

Ethereum

Ethereum Classic

DeFi