{"id":57699,"date":"2019-10-27T08:36:18","date_gmt":"2019-10-27T06:36:18","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=57699"},"modified":"2019-10-27T11:08:39","modified_gmt":"2019-10-27T09:08:39","slug":"ethereum-defi-record-crypto-boom","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/ethereum-defi-record-crypto-boom\/","title":{"rendered":"Ethereum DeFi Sets Record as Bitcoin Rallies by 30%"},"content":{"rendered":"<p>If you&#8217;ve been following <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-ethereum-eth-news\/\">Ethereum&#8217;s<\/a> narrative at all over the past few months, you have likely noticed the growth of the decentralized finance (DeFi) ecosystem.<\/p>\n<p>While some have written off Ethereum-based finance as a pure fad with little viability, this segment of the cryptocurrency ecosystem is quickly swelling. DeFi Pulse, an analytics group tracking this facet of Ethereum&#8217;s network,<a href=\"https:\/\/twitter.com\/defipulse\/status\/1188188166936780800\" rel=\"nofollow noopener\"> recently wrote that<\/a> &#8220;we have set a new record for total ETH locked in decentralized finance.&#8221;<\/p>\n<p>Their tracker currently registers a jaw-dropping 2.364 million ETH locked in smart contracts for DeFi. This sum of Ether is worth around $425 million and represents just around 2% of all of the cryptocurrency in circulation. Crazy.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\ude80 We&#39;ve set a NEW RECORD for total ETH locked in <a href=\"https:\/\/twitter.com\/hashtag\/DeFi?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#DeFi<\/a>!! \ud83d\ude80<\/p>\n<p>There&#39;s currently 2.364M ETH locked. <a href=\"https:\/\/t.co\/dO6Qhv1QFB\" rel=\"nofollow\">pic.twitter.com\/dO6Qhv1QFB<\/a><\/p>\n<p>&mdash; DeFi Pulse \ud83c\udf47 (@defipulse) <a href=\"https:\/\/twitter.com\/defipulse\/status\/1188188166936780800?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">October 26, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/twitter.com\/RyanSAdams\/status\/1187359044274720768\" rel=\"nofollow noopener\">According to Ryan Sean Adams<\/a>, the founder of Mythos Capital, the growth in DeFi has had a massive knock-on effect on the broader Ethereum market. He found in a recent analysis that with ETH&#8217;s issuance coming in at 4.6% annually, DeFi is &#8220;sucking up [a fair portion of] new ETH issuance.&#8221; Theoretically, this should help the <a href=\"https:\/\/en.ethereumworldnews.com\/ethereum-price-40-move-bitcoin-boom-analyst\/\">cryptocurrency&#8217;s price appreciate into the future.\u00a0<\/a><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Charts on money protocols &amp; ETH:<\/p>\n<p>1\/ Is more ETH getting locked in money protocols than being issued?<\/p>\n<p>Current ETH issuance: 4.6% annual<\/p>\n<p>Since Jan 2018 ETH supply grew 12.15%<\/p>\n<p>ETH locked in DeFi currently consumes half that amount<\/p>\n<p>DeFi demand is sucking up new ETH issuance <a href=\"https:\/\/t.co\/kqDmP0tyxG\" rel=\"nofollow\">pic.twitter.com\/kqDmP0tyxG<\/a><\/p>\n<p>&mdash; RYAN S\u039eAN ADAMS &#8211; rsa.eth \ud83e\udd87\ud83d\udd0a (@RyanSAdams) <a href=\"https:\/\/twitter.com\/RyanSAdams\/status\/1187359044274720768?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">October 24, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He went on to point out that MakerDAO&#8217;s DAI stablecoin has seen increasing use in money protocols, with 26% of the stablecoin&#8217;s supply being locked in said money protocols. Explaining the significance of this statistic, Adams wrote: &#8220;This is good for ETH since DAI demand is ETH demand.&#8221;<\/p>\n<h2><strong>Not Ethereum&#8217;s Only Use Case<\/strong><\/h2>\n<p>While DeFi is Ethereum&#8217;s top use case at the moment, it is important to note that the blockchain has other functionality.<\/p>\n<p>For instance, the NBA\u2019s Sacramento Kings last week partnered with CryptoKaiju to offer toys \u2014 yes, toys \u2014 to its fans for the forthcoming 2019-2020 season. According to the\u00a0<a href=\"https:\/\/www.nba.com\/kings\/blog\/sacramento-kings-partner-cryptokaiju-launch-first-physical-crypto-collectible-professional\" rel=\"nofollow noopener\">press release<\/a>, these 100 vinyl collectible figurines will be powered by Ethereum, with each toy being assigned a non-fungible token that ensures that no two Kaijus are the same. 15 out of the 100 toys will purportedly have non-fungible tokens that \u201creveal\u201d unique experiences or prizes for fans, including courtside seats, VIP tours, signed merchandise from the team\u2019s star, and more.<\/p>\n<p>Aside from non-fungible tokens, corporations are finding a use for Ethereum-based smart contracts.<\/p>\n<p>Thomson Reuters, the Canadian media giant, has claimed that it is looking to use OpenLaw, a ConsenSys-backed, Ethereum-centric firm working on automating legal contracts and such. We reported on the matter that the two are working on a proof of concept system, which has been dubbed Smart Contract Express, to imbue Reuters\u2019s existing Contract Express system with the benefits of Ethereum and Chainlink.<\/p>\n<pre>Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@blankerwahnsinn?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Fabian Blank<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/s\/photos\/finance?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;ve been following Ethereum&#8217;s narrative at all over the past few months, you have likely noticed the growth of the decentralized finance (DeFi) ecosystem. While some have written off Ethereum-based finance as a pure fad with little viability, this segment of the cryptocurrency ecosystem is quickly swelling. DeFi Pulse, an analytics group tracking this facet of Ethereum&#8217;s network, recently wrote that &#8220;we have set a new record for total ETH locked in decentralized finance.&#8221; Their tracker currently registers a [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":57700,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[823],"tags":[65,7092,7002,116],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/57699"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=57699"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/57699\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/57700"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=57699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=57699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=57699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}