- 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.
— 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.
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.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.