Cryptocurrency

Ethereum Run by DeFi Hype?

Decentralized Finance or just DeFi is the new Buzzword. Some of the oracles that DeFi is the next Hype and 2020 will be the year of the Decentralized Finance Apps. As a catalyst and driver in this, Ethereum is intended to act. But what is behind these statements? Able to demonstrate with objective Numbers, what many in the Crypto-Space currently?The answer is: Yes, objective Numbers at least a clear trend. Because the amount of Ether (ETH), which is DeFi Apps currently gelocked, has reached a new all-time high. So 2.4 million ETH are up to date – this equates to approximately 439 million USD in Decentralized Finance Apps.

Ethereum DeFi Hype continues to drive

While in September the amount of Ethereum, which was used in DeFi Apps, still stood at 2.13 million, ETH was able to grow well within two months by a good 15 percent. Compared to the annual Low of 1.8 million ETH, the increase even amounts to a good 35 percent. The message behind it is obvious: more and more people use Defined Apps based on the Ethereum Blockchain.In other words: more and more people make use of the possibilities offered by DeFi Apps. This means, in particular, Lending and Borrowing of (dt. Borrow money), as well as to be trustworthy with strangers around the world money exchange. As trivial as the indicator might be: the more Ethereum and ETH in these Apps gelocked, the more they are used.

Maker still retains the Pole Position

Let’s take a look at the distribution of the ETH within the DeFi-world: the majority of the locked coins is currently in the Maker. More precisely, 335 million US dollars are said to in Maker gelocked – thus Maker has a market dominance in the area Defined by 52 percent. Reminder: Maker is used for the Voting processes in the context of DAI, the equally distributed Stablecoin,.Trade on the most successful Crypto-exchange. If you’re looking for a reputable point of contact, to act with real crypto currencies, then take a look at our Binance Test 2019! In this article, we have analyzed all the features and benefits of the crypto-exchange in more detail and evaluated. The most the most popular crypto-stock exchange today! Now on Binance sign up.

Ethereum and DeFi: Lending is the most common Use Case

The sharpest competitor of the Maker is Compound, because it creates offerings in the Lending area. More specifically, the Compound makes it possible to give Ethereum, DAI, USDC, and other Coins. With this, the Compound # 2 in the DeFi-creates a list of it. Other Lending Apps, by contrast, shares only a small market: so InstaDApp is 33.7 million USD, dYdX at about 30 million and NuoNetwork at 10 million US dollars.Even if Lending Apps currently dominate the Toaster market, there are still other growing Use Cases. Examples of this are Synthetix are a decentralized Trading platform that has almost 100 million US dollars Ethereum platform gelocked. Significantly smaller, but also not to forget, the Exchange Uniswap with almost 25 million USD.(Note: all the above Figures and other statistics are defipulse, which is deposited as a source, not traceable.)What do you think about Decentralized Finance and dApps? It is more a Buzzword or a Trend, you should not miss?Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.