Saturday, September 18, 2021

Almost twice as much ETH locked in DeFi as on exchanges: Glassnode

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Ether is being locked up in decentralized finance contracts at an accelerating fee this yr, whereas the quantity held on centralized exchanges continues to fall.

On Could 7, on-chain analytics supplier, Glassnode, shared a chart evaluating the variety of Ether deposited in Ethereum-based good contracts to the variety of ETH held on centralized exchanges over the previous 17 months.

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For the reason that begin of 2020, the share of provide represented by Ether on centralized exchanges has dropped greater than 1 / 4, from roughly 17% to 12%.

Over the identical interval the share of ETH locked in good contracts has elevated by three quarters, from 13% to 22.8%, exhibiting that DeFi is steadily consuming into centralized exchanges’ earnings from Ethereum buying and selling charges.

Ether provide in good contracts vs Ether on centralized exchanges: Glassnode

Figures from crypto information aggregator DeFi Llama counsel that ETH equal to roughly 9% of the availability is locked in good contracts hosted by networks aside from the Ethereum mainnet.

DeFi Llama estimates that 8.3 million cash or 7% of circulating Ether is locked in Binance Good Chain protocols, whereas 286,153 Ether or 0.25% of provide is on Solana, and 103,902 ETH 0.09% is on Avalanche. Roughly 1.6% or 2.8 million Ether is locked in “different” networks.

Ether’s dramatic rally into new all-time highs above $3,500 has renewed discussions of a ‘flippening’ over Bitcoin, with Ether futures volumes briefly outpacing the BTC markets this week.