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%.

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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.

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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.

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Ethereum

Ethereum Classic

DeFi

Tags

Ethereum

Ethereum Classic

DeFi