Decentralized finance is considered to be the future of the finance ecosystem. DeFi or decentralized finance is making available financial products on public open-source blockchain to increase their availability and affordability. Cryptocurrencies employing the decentralized finance technology have been surging with the rally being led by the queen of the market – Ethereum (ETH). DeFi is also partially responsible for rallies in the cryptocurrency sphere.
Ethereum is considered the pioneer of the DeFi and smart contracts technology. Ethereum-based projects are the most common in the market that are surging and surpassing expectations. The DeFi projects on Ethereum have been stealing the limelight.
The findings of Delphi Digital Researchers reveal some of the top decentralized finance include BSC, Polygon (MATIC), Solana (SOL), Terra (LUNA), Avalanche (AVAX), and of course Ethereum (ETH). These projects combined accounts for 34% of the total value locked in the decentralized sphere.
The cryptocurrency now accounts for 2% of the global money supply – all thanks to the DeFi surge. The growth is a testament to the potential that the technology carry. The bull run of 2021 saw a DeFi surge with many high-profile players acknowledging the role of decentralized finance technology in the future.
Ethereum (ETH) stands at $3,40 at the time of writing. The cryptocurrency has fallen by 6% in the past twenty-four hours. The second ranked cryptocurrency has its daily trading volume increased by nearly 60%. ETH coin established its all-time high at $4,362. The market has taken a downturn as the CEO of Tesla hinted towards ditching Bitcoin as a payment method for Tesla’s electric cars while also criticizing the king of the market because of its high energy consumption. Ethereum crypto is also in a downward trend but decentralized finance is not going anywhere.