Ethereum’s (ETH) Price and DeFi Fundamentals Don’t Match up
As 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 (BTC) 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.
More: Ethereum DeFi Data
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.