עטהערעום

עטהערעום באזירט דעפי גיינינג מאָמענטום שטאַטן Glassnode

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Glassnode, the on-chain metrics platform, shared insights about the emerging Ethereum based sectors including decentralized finance (DeFi), GameFi, and Staking. As per the tweet, Glassnode added that these sectors are gaining momentum and are contributing to its value growth.

Moreover, the current representation within the broader Ethereum ecosystem is relatively “modest.” Decentralized finance represents “just 3.04% of Ethereum’s size, while the up-and-coming GameFi and Liquid Staking Derivative (LSD) tokens account for a mere 1.2% and 1.6% respectively.”

DeFi Activity on Ethereum

As per the Glassnode, amid the bearish trend in the market, Ethereum’s DeFi activity has dropped down. Along with the drop, the sector is also facing competition from Ethereum’s annual staking reward system. The decentralized finance narrative is developing alongside LSD tokens that could revive the network activity on Ethereum.

בילד

As per the graphic representation, the percentage of gas consumed by DeFi protocols declined from nearly 34% in 2020 to almost 8-16% at present. The chart also included the ERC20 Tokens (ICOs) and Stablecoins, and NFTs.

עטהערעום באזירט דעפי גיינינג מאָמענטום שטאַטן Glassnode
מקור: גלאַסנאָדע

As seen in the above chart, the DeFi “Blue-Chips,” representing a collection of governance tokens from well known decentralized finance protocols, have lost nearly 88% of their market capitalization from the all-time highs of $45 Billion in May 2021.

The DeFi blue chip tokens such as Uniswap (UNI), MakerDAO (MKR), Aave (AAVE), Compound (COMP), Balancer (BAL), and SushiSwap (SUSHI) underperformed ETH during bullish market rallies, while also experiencing a more severe drop than ETH “on the downside during the bear.”

Notably, staking has become quite popular among the investors of Ethereum. After the Shapella upgrade on Ethereum in April redemptions from the staking contract have been enabled. Late in May, the users of Ethereum have staked almost 21 Million ETH that is worth nearly $40 Billion. It also shows 18% of the total supply of Ethereum.

LSD-fi as a Bull Market Catalyst

Lido and Rocket Pool, the LSD platforms, account for one third of this huge market. As these applications offer tokenized representation of staked ETH. That also allows the investors to access staking yields even without compromising liquidity.

עטהערעום באזירט דעפי גיינינג מאָמענטום שטאַטן Glassnode
Source: Ethereum DeFi TVL by Defillama

According to DeFillama, the total value locked (TVL) in Ethereum’s decentralized finance has reached nearly $27.33 Billion. The Lido dominance as shown in the above chart is almost 49%.

לעצטע הודעות דורך Andrew Smith (זעה אלע)

Source: https://www.thecoinrepublic.com/2023/06/04/ethereum-based-defi-gaining-momentum-states-glassnode/