Ethereum News: More Than Two Million ETH, Locked In Ethereum-Based DeFi Contracts

Ethereum has been recently in the spotlight when it’s been reported that there are some ongoing Ethereum-based efforts to make crypto transfers much easier.

Unstoppable Domains is backed by Tim Draper, and it’s also worth noting that it hides long blockchain addresses to make the process of sending crypto payments much easier.

This could lead to more people using crypto. It has been already reported that one of the most important goals in the crypto space has been the mass adoption of digital assets and this year, things went pretty great and in this direction.

The official announcement reveals the following:

“With .crypto, users can connect any cryptocurrency address to their domain. To get paid, all someone needs to know is your blockchain domain.”

The DeFi movement is gaining space

The decentralized finance DeFi movement has been constantly growing.

DeFi is reportedly designed to replace traditional financial instruments with a decentralized alternative that is not controlled by corporations or governments.

The Daily Hodl reported not too long ago that there is more than two million ETH which are now locked in the ETH-based DeFi contracts says the data tracker DeFi Pulse.

The majority is stored in the collateralized loan platform Maker, which was 1.6 million ETH locked up.

Ethereum price-related prediction

In terms of pricing, there have been a lot of optimistic crypto predictions popping up in the crypto space, despite the considerable correction that took place during the past month.

Not too long ago, Nicholas Merten said that he believes a crypto rally is on its way.

He also said that probably Bitcoin (BTC) would continue to drop in price, but, on the other hand, this will give ETH and more altcoins a change to trigger a rally against BTC.

At the moment of writing this article, ETH is trading in the green on CMC, and it’s priced above $174.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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