Ethereum on Crypto Exchanges Continues to Drop. The continual use of Ethereum has resulted in the progressive decline in the amount of ETH left on crypto exchanges.
In a recent analysis, the team at Santiment highlighted that majority of the Ethereum is ending up in DeFi as explained through the following statement and accompanying chart.
The amount of #Ethereum sitting on exchanges continues to drop lower, as more and more funds move into hard wallets and #DeFi-based options.
This is a good sign for $ETH holders, as less exchange supply implies a decreased likelihood of major sell-offs.
- Compound (COMP) finance becomes the first DeFi project to exceed $10 Billion in total value locked
- $51.8 Billion is currently locked on Ethereum based DeFi projects
- The allure of yield farming has resulted in a drop in the amount of Ethereum sitting in crypto exchanges
- Over $22 Billion in Ethereum is locked in the various DeFi protocols
The lending platform of Compound (COMP) Finance became the first DeFi protocol to exceed $10 Billion in total value locked. This milestone by Compound (COMP) was highlighted and shared by the team at DeFi Pulse through the following tweet.
✨🌟⭐️✨🌟⭐️✨🌟⭐️@compoundfinance just became the first in #DeFi to break $10 BILLION Total Value Locked (TVL)
– DeFi Pulse 🍇 (@defipulse) April 10, 2021
$5B in Ethereum is Locked in Compound
At the time of writing, a total of $10.06 Billion is locked in Compound (COMP) Finance. Half of this value comprises of 2.4 million ETH valued at $5.097 Billion using Ethereum’s current value at $2,124.
$22.3B in Ethereum is Locked in DeFi
The DeFi realm has also hit all-time highs in total value locked at $51.8 Billion. Yield farmers continue to use Ethereum with a total of 10.5 million ETH locked in the various DeFi protocols. This amount translates to $22.3 Billion or 43% of the total value locked in DeFi protocols on the Ethereum blockchain.
145k Bitcoin with a value of $8.6 Billion, is also locked in DeFi through Wrapped BTC (WBTC) thus proving that Ethereum is the asset of choice for yield farmers despite the occasional high network gas fees.
