DeFi Reaches 4 Bln, ETH Price Goes Up

Ethereum-based decentralized finance (DeFi) has taken the cryptocurrency world by storm in recent months and investor interest continues to grow. DeFi market has already reached $4 bln. Since DeFi tokens recorded a significant increase in price indicators, this was one of the reasons for listing them on various crypto exchanges.

The three main decentralized peer-to-peer DeFi protocols dominated: Maker, Aave and Compound. Project Maker is the largest DeFi protocol, with $875 mln in smart contracts. Aave ranks second with $639 mln, then Compound goes with $616 mln. Over the past 72 hours, ETH has risen by about 22%, surpassing the $300. However, CoinMetrics data shows that transaction fees were 0.5658 as of July 21, the highest level in two years.

Experts are speculating that due to the high fees that are holding back Ethereum from unlocking its full potential, the second largest cryptocurrency could potentially be overthrown by another, more scalable platform with lower transaction fees.

Image courtesy of the Coin Shark