Over 15% of Ethereum (ETH) is Locked In Smart Contracts
Quick summary: Over 15% of the Ethereum supply is locked in smart contracts This comes at a time when the total value locked in DeFi is about to hit a new milestone of $10 Billion In a sense, Ethereum is carrying the entire crypto market right now Over 15% of the Ethereum (ETH) total supply is locked in smart contracts. Total Value Locked in DeFi About to Hit $10B This revelation of the supply of Ethereum locked in smart contracts comes at a time when the total value locked in DeFi has experienced a massive rebound after the market selloff in the first week of September.
A quick recap of the past few weeks reveals that the major crypto exchanges such as Binance, Poloniex, Coinbase Pro, Bitfinex, KuCoin and the rest, have been busy listing the said DeFi tokens in a bid to keep up with the competition in the form of decentralized exchanges such as UniSwap and SushiSwap. To note is that all these tokens are built on the Ethereum network thus leading several crypto enthusiasts and traders such as @ByzGeneral, to conclude that the entire Crypto market is being carried by ETH.