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ETH volumes in smart contracts have exceeded the reserves of crypto exchanges

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Ethereum Wallets Explained Simply (Smart Contracts, Gas, Transactions)

ETH volumes in smart contracts have exceeded the reserves of crypto exchanges

ETH volumes in smart contracts have exceeded the reserves of crypto exchanges
CONTENT

  • ETH volumes in smart contracts overtook crypto-exchange reserves by $ 1 billion

  • The decentralized finance market played a special role in the new trend

  • Ethereum 2.0 Launch Scheduled By December 1

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The number of ETH blocked in smart contracts exceeds the reserves of cryptocurrency exchanges by at least one billion dollars

Most of the Ethereum (ETH) cryptocurrency is stored in smart contracts. This is evidenced by the data of the analytical service Glassnode. According to the token redistribution schedule, 15.5 million ETH are stored on the reserves of cryptocurrency exchanges (~ $ 7.1 billion at the current exchange rate). At the same time, ~ 18 million ETH ($ 8.3 billion) are included in smart contracts.

ETH volumes in smart contracts have exceeded the reserves of crypto exchanges

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Source: glassnode.com

Thus, the Ethereum blockchain network itself contains $ 1 billion more than cryptocurrency exchanges. The Ethereum network has gained particular popularity thanks to the decentralized finance market (DeFi) Decentralized finance (DeFi) is a financial services built on the basis of blockchain technology that offer users access to an open, efficient and … More), in which the amount of pledged capital is already $ 12, 8 billion.

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The increase in DeFi market activity spawned projects such as DAI, MakerDAO and Compound, which, in turn, attracted assets from other blockchains, and in some cases even tokenized cryptocurrencies (for example, the capitalization of tokenized bitcoins on the Ethereum network has already reached $ 1.5 billion).

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However, along with the growing dominance of the blockchain, the number of attacks on DeFi protocols also grows. Since the beginning of November alone, the DeFi ecosystem has lost about $ 12.3 million due to frequent attacks on smart contracts of decentralized projects. At the same time, the blockchain industry itself has lost about $ 13.6 billion since its inception due to hacker attacks..

Meanwhile, the balance of the deposit contract, synchronizing the assets of the Ethereum network with Ethereum 2.0, at the time of this writing is $ 46.7 million (99,264 ETH). Recall that in order for the Ethereum 2.0 network to launch on December 1, 2020, the contract balance must be at least 524,000 ETH by November 24.

ETH volumes in smart contracts have exceeded the reserves of crypto exchanges

The price of ETH / USDT at the time of writing is $ 469.63.

What risks are the launch of the new Ethereum network – read in the special material BeInCrypto.

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