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$ 53,162

Ethereum is skyrocketing as the total revenue from decentralized financing DeFi increases

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Ethereum follows Bitcoin in its performance, so with Bitcoin achieving new historical peaks, Ethereum does the same.

Ethereum reached a new record high recently at $ 2,042, according to Coingecko.

Ethereum’s rise and upward movement was not limited to the currency price, but extended to several other indicators related to the Ethereum blockchain.

Where the number of Ethereum whales increased significantly and this is evidenced by the number of addresses that contain more than 10,000 Ethereum, as the number recently reached 1287 addresses, which was pivotal in strengthening the upside of Ethereum.

“Jan and Yan”, co-founders of “Glassnode”, a leading provider of data on blockchain networks, revealed that there are at least 100,000 BTC and ETH addresses containing more than $ 1 million.

The rise in total revenue from decentralized financing to DeFi:

Total revenue in the decentralized finance sector was $ 800 million in January.

Ethereum’s current bullish trend is underpinned by the approaching Ethereum 2.0 launch scheduled for December 2021 as the boom in the decentralized finance sector (DeFi) continues.

To be reminded, Ethereum 2.0 aims to move from a mining-based consensus mechanism to a proof-of-stake (staking) stakes mechanism where proof of stakes protocols are more environmentally friendly and inexpensive.

DeFi has proven to be a force to be reckoned with in the crypto space as the sector exploded and developed dramatically in 2020, with Ethereum benefiting from its rise in popularity.

Mr. Alex Kruger tweeted:

Total fees paid in DeFi have risen to $ 800 million this month.

The next time you hear someone say that there is no real demand for cryptocurrencies and their projects and that the cryptocurrency industry is not producing, show them this stat.

Ethereum began 2021 with great fanfare, and it appears that there will be more rises, especially in light of the turnout of more institutional investors who closely monitor Ethereum.

Grayscale has $ 6.1 billion worth of Ethereum, a number that continues to grow day by day.

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