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There Are 3 Million Ether (ETH) Locked Into Decentralized Finance

· in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Almost three million Ether (ETH) is currently locked into Decentralized Finance (DeFi). In this way, the funds locked in the industry are now reaching an all-time high. This is according to data provided by Defi Pulse, a crypto data provider for the DeFi market. 

3 Million Ether Locked In DeFi

As the cryptocurrency market continues expanding, the total value in DeFi has reached new highs with almost three million ETH locked in different DeFi applications in the space. 

According to Defi Pulse, Maker is the largest participant in the Ethereum DeFi market with 1.6 million in ETH locked up. 

Maker is a decentralized autonomous organization that aims at providing users with the possibility to leverage their ETH assets and generate DAI, one of the largest stablecoins in the market. 

In the last 24 hours, Maker increased the ETH locked by 0.1% or around 1,600 ETH. Maker has a market dominance of 52.64%. 

Compound and Synthetix are the second and the third DeFi networks with 618.5k and 328.3k ETH, respectively. In the last 24 hours, Compound lost 2.1% of the ETH it had locked up, while Syntehtix increased by 2%. 

Compound is an open-source autonomous protocol that was built for developers to unlock new financial applications. Meanwhile, Synthetix is a blockchain platform that enables the creation of on-chain synthetic assets that track the value of other assets in the real financial world. 

Other platforms include InstaDApp, dYdX, Uniswap, Nuo Network, the Lightning Network, Bancor, WBTC, Kyber, Set Protocol and many others. 

The total value locked in ETH was close to 2.056 million on January 2, 2019. That means that the whole industry experienced a growth of 68.53%. However, on June 30, the total value locked in ETH was 2.053 million. 

In the last few months started growing and getting closer to 3 million ETH. 3 million ETH is currently equal to $552 million.

Ethereum is the second-largest blockchain network in the market with a market capitalization of $19.89 billion. At the same time, the ETH cryptocurrency can now be purchased for $184, as reported by CoinMarketCap. 

In the cryptocurrency market, ETH has a market dominance of almost 8.87%, compared to Bitcoin with 66.41% dominance. 

Ethereum experienced massive growth with the creation of Initial Coin Offering (ICO) tokens and other assets on top of the Ethereum network at the end of 2017 and the beginning of 2018.

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