Rejected: Ethereum Locked in DeFi Reaches Unprecedented Levels

Decentralized Finance (DeFi) markets continue rising as compared to their crypto counterparts that may end the year bruised as they are 50% down compared to the highs recorded at the beginning of the year. Notably, DeFi has experienced a growth of 150% in 2019. 

As reported by NEWSBTC on Nov 29, Ethereum has emerged to be the largest asset stimulating the new world of DeFi. Expressly, the amount of Ethereum locked up in this sector reached an all-time high of 2.7 million on Nov 28, and this represents 2.5% of the whole supply.

A new trend was also experienced because the total value of Ethereum thriving in DeFi was recorded at under 4.5 million. 

These figures show that trust is building in the embryonic ecosystem because both existing and new investors are triggering the increased usage of Ethereum as they are channeling more money into their smart contracts.

Camila Russo, a former Bloomberg correspondent, Camila Russo, noted: “This increased activity is more significant as it happened as the cryptocurrency market slumped. It’s a sign users of decentralized finance platforms are confident Ethereum’s cryptocurrency ether will rebound as they’re willing to continue using it as collateral for their loans and other trades.”

She also acknowledged that DeFi was not dependent on crypto markets and coin prices.