Ethereum (ETH) has had a tough year, topping out just over $300 in June before retracing back to around $175. While the altcoin has struggled, decentralized finance (DeFi) has taken off.
As recently pointed out by DTC Capital’s Spencer Noon, the comparison of Ethereum’s price and the total value locked in DeFi applications is staggering.
While Ethereum is now down 14.4% in the past year, the total value locked in DeFi apps is up nearly 170% with $546.88 million now locked in these applications. According to DeFi Pulse, Maker (MKR) is responsible for 50.9% of this total.
Notably, the total amount of Dai (DAI) locked in DeFi apps has surged by 616% since the start of the year to over 21.4 million. Similarly, the total amount of locked Bitcoin is up over 1,100% since last October to 1,392 BTC ($11.4 million).
As we previously reported, DeFi apps made up 58% of all Ethereum dapp volume in the third quarter and the blockchain saw the largest-ever quarterly user growth in Q3, with over 310,000 new dapp users.
US investors looking to trade ETH commission-free and earn some free BTC can do so on the Voyager app by signing up through this link (or use code: SLUDGE25).
More: Ethereum DeFi Data
Report: Ethereum (ETH) DeFi Dapps Dominated in the Third Quarter
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.
