Ethereum Network Activity, DeFi Still Growing, When Will ETH Prices Follow?

clicks | 2 months ago | Google AI sentiment 0.60 | comments: discuss | tags: ethereum

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— Joseph Lubin (@ethereumJoseph) December 2, 2019
One of the biggest events in November was the MakerDAO protocol upgrade creating a Mulit Collateral DAI which now accepts both Ether and Basic Attention Token (BAT) as collateral for Dai generation. 2 weeks after @MakerDAO 's upgrade to "Much Cooler" Dai, around one third of the supply has been converted.
— DeFi Pulse 🍇 (@defipulse) December 2, 2019 DeFi Breaking Records
Despite the 50% slump in total crypto market capitalization over the past six months, Ethereum based decentralized finance continues to grow .
The total amount of ETH locked in DeFi protocols has reached another all-time high at 2.7 million, slightly higher than last week’s record . This equates to almost 2.5% of the entire supply. In USD terms it is just over $670 million. Honey badger don't care
— DeFi Pulse 🍇 (@defipulse) December 2, 2019 Why is ETH Dumping?
The only thing not so positive about Ethereum at the moment is its price. According to Ethereum has fallen below $150 again. A few hours ago ETH dumped to $147 before a slight pullback as it struggles to hold on to support.
Over the past month ETH has dumped almost 20% as it blindly follows its big brother back into the digital doldrums. On a brighter note the asset is still trading 37% higher than it was this time last year. During those long cold crypto winter months ETH dumped to a bottom of around $85.
Istanbul is due in less than five days according to the countdown and it will introduce 6 EIP’s that deal with network security and gas cost reductions. The important thing however is the upgrade is a precursor to a major shift to ETH 2.0 as the first phases of Serenity can then start getting rolled out.
There may have been delays to the Ethereum roadmap, but development is still pressing ahead and the network is still strengthening so current token price is no way indicative of the bigger picture. Image from Shutterstock Ethereum Network Activity, DeFi Still Growing, When Will ETH Prices Follow? was last modified: December 3rd, 2019 by Martin Young ...