It's "Up Only" For ETH and DeFi
Ether and the most popular DeFi metrics are all smashing through new records. Ether continues to push higher, hitting a record of $2487 earlier today, according to CoinGecko. Rising ETH prices is pushing total value locked in DeFi to a new high in dollar terms of $55.9B. ETH locked in DeFi hit an all-time high…
By: Owen Fernau • Loading...
DeFi![It's "Up Only" For ETH and DeFi](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F9004d90fc74181b0cdb0ebce41025240d596fe2f-705x554.png&w=828&q=75)
Ether and the most popular DeFi metrics are all smashing through new records.
Ether continues to push higher, hitting a record of $2487 earlier today, according to CoinGecko. Rising ETH prices is pushing total value locked in DeFi to a new high in dollar terms of $55.9B.
ETH locked in DeFi hit an all-time high of 10.78M on Apr. 3 according to DeFi Pulse, largely because of the 639K ETH contributed to the Fei Protocol. ETH accounts for about 45% of assets deposited in DeFi smart contracts.
![the-defiant](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F22cd01e3787c26306809ad17feb9d957a90598d7-759x379.png&w=828&q=100)
Lending protocol Compound Finance is the biggest contributor to TVL with $11B locked, followed by Maker, Uniswap and Aave, all holding at least $6B in assets.
The DeFi Pulse Index, DeFi’s leading index in terms of assets under management (AUM) is also at an all-time high of $504 at the time of writing. MakerDAO’s MKR is the best performing DeFi token in the past week, gaining 87%, according to CoinGecko.
ETH Gains Ground on BTC
Ether’s price relative to Bitcoin has also gained 10% on the week, despite BTC’s 8.6% pump. The ETH/BTC ratio is 0.039 at the time of writing, highest point since Feb. 5, when it hit 0.045. The highest ETH/BTC has ever been is 0.11, which came on on Jan. 18, 2018.
![the-defiant](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F3412a2409a577fb69724187b7d9f45f76499ff7b-779x407.png&w=828&q=100)
Not Quite Mania
Daily active addresses on Ethereum are nearing an all-time high too, though their approach has been less steep than the still-standing high which came on Jan. 18, 2018, at the end of the last bull cycle. This may suggest that despite the noise, the top may not be in yet.
![the-defiant](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F3e256ffa8c783937c1b56cf8c2a003e64b36ae4a-1319x636.png&w=828&q=100)
It seems that for now, it’s up only.
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