The quantity of Ether locked in decentralized finance (DeFi) applications faces continuous growth.
According to DeFiPulse, a DeFi monitoring resource, Ether in DeFi applications has shown an all-time high of 2.7 million and is continuously growing since the end of June.
77% or 2.1 million out of 2.7 million ETH are locked in the system behind Maker, the DAI stablecoin.
In addition, 12.5% or 337,800 ETH are presently locked in Compound, a decentralized lending application. Moreover, the remaining Ether is divided between minor DeFi applications, including monetary derivatives and decentralized exchanges.
The market conditions did not hinder the growth decentralized finance
The one-year chart of the cryptocurrency’s dollar value locked in DeFi applications demonstrates several connections to the Ether price. However, it does not completely depend on this connection.
When the price of ether fall after reaching its highest point in July, the price of crypto-assets locked in decentralized finance applications resumed climbing the top of the chart while the coin’s price continued to fall.
Moreover, the Ether price is still affecting the cost of funds locked when looking at a shorter period despite the decrease in the relationship between two assets.
During the past week, the total amount of assets locked in DeFi applications decreased as the price of Ether fell. Currently, the asset value locked in such apps amounts to $619.7 million, which shows a decrease from an all-time high of $675.6 million, according to the November 21 report.
In Maker, a total of more than 48% or $302.5 million is locked while 23.8% in DApp Synthetix, derivatives, and 15.2% in Compound. On the other hand, the remaining 15.2% of locked funds are disseminated between other applications.