New data from decentralized finance tracking platform Defi Pulse has come forward that indicates an increase in the amount of the locked Ethereum in these apps. The previous high of the locked Ethereum in these apps was 2.332 million ETH, which was noticed in April 2019.
ETH is not the only locked cryptocurrency in the apps as ETH, Dai, and BTC accompany it taking the total value of these locked assets in the apps over $660 million. The total amount of the ETH in the decentralized finance applications has hit a new all-time high as the volume reached over 3.5 million ETH with a value of about $643 million.
A significant amount of this locked ETH in the DeFi market belongs to Maker (MKR) and its products, which value a total of over $347 million or almost 52.6% of the market. Users have locked ETH as collateral in the Maker platform to generate more Dai stable coins, which are supported by the platform.
Lending locks major ETH in DeFi apps
The charts and numbers show that the primary cause for the DeFi apps so far is to be used for lending. The apps have locked almost $500 million, with decentralized exchanges like Uniswap have about $35 million secured with their platform.
The hot topic these days has been earning interest by lending cryptocurrencies, while some exchanges have decided to add the staking and lending services to attract more new users. OKEx has been in the lending-staking business for a while, allowing users to earn interests on major cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum.
Note: Bitcoin Lightning Network is also considered as a decentralized application in the DeFi market and has BTC worth $7.6 million locked in.
