The algorithmic, autonomous interest rate protocol Compound (COMP) has become the first DeFi project to exceed $10 billion in the total value locked. According to the data, $51.8 billion is currently locked on Ethereum based DeFi projects, out of which $10 billion is exclusively dominated by Compound.
Over $22 Billion in Ethereum are Locked in Multiple DeFi Protocol
Milestone achieved by the lending platform of Compound (COMP) Finance was highlighted and shared by the team of DeFi Pulse through Twitter. An allure of yield farming results in dropping in the amount of Ethereum available in multiple crypto exchanges. Statistics reveal that over $22 billion in Ethereum are locked in the various DeFi protocols, while $5 B in Ethereum is Locked in Compound.
— DeFi Pulse 🍇 (@defipulse) April 10, 2021
At the time of writing, a total of $10.06 billion is locked in Compound (COMP) Finance. Half of this value comprises of 2.4 million ETH valued at $5.097 billion using Ethereum’s current value at $2,124.
Over $22 B in Ethereum is in DeFi
The DeFi kingdom has all-time highs in the total value locked at $51.8 billion. The interest of Yield farmers continues for using Ethereum with a total of 10.5 million ETH locked in the various DeFi protocols, which calculates to $22.3 billion (43%) of the total value locked in the DeFi protocols on the Ethereum blockchain.
Apart from this, a value of $8.6 billion (which today computes approximately 145k Bitcoin) is locked in DeFi through Wrapped BTC (WBTC). This proves that Ethereum is the asset of choice for yield farmers regardless of occasional high network gas fees.
However, Ethereum on Crypto Exchanges seems to drop continuously. The continual use of Ethereum results in a progressive decline in the amount of ETH left on crypto exchanges. From a recent analysis, it is brought into the spotlight that the majority of Ethereum is ending up in DeFi. which was explained by the team at Santiment via accompanying chart followed by the statement
“The amount of #Ethereum sitting on exchanges continues to drop lower, as more and more funds move into hard wallets and #DeFi-based options. This is a good sign for $ETH holders, as less exchange supply implies a decreased likelihood of major sell-offs.”