ETH price loses ground, but network metrics say DeFi season not over yet
Given that DeFi tokens form the backbone of the Ethereum network, they will largely influence the upcoming price movements of Ether itself. Mike Manson, a co-founder of Blockware — a U.S.-based mining and hosting company — told Cointelegraph:
The figure mentioned also doesn’t take into account the profit made from fees, which increased during the first three days of the week, likely due to an uptick in transactions caused by Ether’s price volatility.
While miners have seen their profits slashed with the recent drop in Ether’s price and an increasing hash rate, other sectors on the Ethereum blockchain have been able to keep up the pace despite the price drop, including decentralized exchanges that had previously reached an all-time record of over $11 billion in monthly volume during August. DeFi token prices themselves have also recovered to a degree and the declining price of Ether along with growth of the DeFi sector has led to the collective market capitalization of ERC-20 tokens to overtake that of Ether.
ETH |
$ 3584.06
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