Ethereum price soars as total DeFi revenue soars
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Answer Ethereum price soars as total DeFi revenue soars
Ethereum tracks Bitcoin in its performance, as Bitcoin achieves new historical highs, Ethereum does the same.
Where the price of Ethereum recently achieved a new record at 2042 dollars, according to the website Flying bird.
The rise of Ethereum and its upward movement was not limited to the price of the currency only, but also extended to several other indicators related to the Ethereum blockchain.
The number of Ethereum whales has increased significantly and this is shown by the number of addresses containing more than 10,000 Ethereum, as the number recently reached 1287 addresses, which was pivotal in consolidating the upward trend of Ethereum.
Jan and Yan, co-founders of leading blockchain data provider Glassnode, have revealed that there are at least 100,000 BTC and ETH addresses containing more than $1 million.
Read:SEC imposes fees on 2 crypto companies and 4 individuals for their involvement in the pump and dump program
Total DeFi Revenue Rising:
The total revenue in the decentralized finance sector reached $800 million last January.
The current uptrend of Ethereum is being reinforced by the approaching launch date of Ethereum 2.0 scheduled for December 2021 as the decentralized finance (DeFi) sector continues to thrive.
As a reminder, Ethereum 2.0 aims to move from a mining-based consensus mechanism to a Proof of Stake mechanism where PoS protocols are more environmentally friendly and cheap.
DeFi has proven to be a force to be reckoned with in the crypto space as the sector has exploded and developed exponentially in 2020, with Ethereum benefiting from its rising popularity.
Alex Krueger tweeted:
The total fees paid in DeFi have gone up to $800 million this month.
The next time you hear someone say that there is no real demand for cryptocurrency projects and that the crypto sector is not productive, show them this statistic.
Ethereum started 2021 with great fanfare, and it seems that there are more upsides especially with more institutional investors who are closely watching Ethereum.
Read:Gemini acquires Omniex crypto company…Details here
Grayscale owns $6.1 billion worth of Ethereum, a number that keeps growing day by day.
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