This revelation of the supply of Ethereum locked in smart contracts comes at a time when the total value locked in DeFi has experienced a massive rebound after the market selloff in the first week of September. A quick glance at DeFiPulse.com reveals that the total value locked in DeFi is approximately $9.77 Billion with UniSwap dominating the DeFi space with 19.84% of the total value locked.
Ethereum is More or Less Carrying the Crypto Markets
Of this amount, 7.9 Million ETH is locked in the various DeFi platforms. This translates to roughly $3 Billion using an ETH exchange rate of $380. This means that 30% of the total value locked in DeFi, is in the form of ETH.
The popularity of DeFi protocols has come with similar popularity in the respective tokens of each platform. A quick recap of the past few weeks reveals that the major crypto exchanges such as Binance, Poloniex, Coinbase Pro, Bitfinex, KuCoin and the rest, have been busy listing the said DeFi tokens in a bid to keep up with the competition in the form of decentralized exchanges such as UniSwap and SushiSwap.
Additionally, a quick glance at crypto twitter reveals that a majority of the conversations are centered around DeFi tokens such as UNI, YFI, CRV, SUSHI and ChainLink. To note is that all these tokens are built on the Ethereum network thus leading several crypto enthusiasts and traders such as @ByzGeneral, to conclude that the entire Crypto market is being carried by ETH.