Ethereum Activity Reaches 2 Year High as DeFi Craze Continues

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Ethereum Activity Reaches 2-Year High as DeFi Craze Continues

ethereum-activity-reaches-2-year-high-as-defi-craze-continues

  • Ethereum activity has reached a 2-year high amidst the ongoing craze for decentralized finance (DeFi) products.
  • The total amount of wealth locked in DeFi has reached $1.4 billion, challenging the all-time high set earlier in the year. 

The number of active Ethereum addresses has reached a 2-year single-day high amidst the ongoing popularity of decentralized finance (DeFi) products. 

According to research published by crypto analytics firm Santiment, the number of daily addresses interacting with ethereum spiked on June 29, culminating in a 2-year single-day high of 486,000 unique addresses. The previous high was established on May 5th, 2018 amidst another surge in ethereum activity. 

Ethereum’s growing popularity has largely been attributed to the rising interest in DeFi products. According to data aggregator DeFi Pulse, the total amount of value locked in DeFi has surpassed $1.4 billion, with ether accounting for the majority. The amount of ETH locked in DeFi reached 3.1 million on June 29, up from 2.62 million at the start of the month. 


Despite the popularity of DeFi, some in the crypto space are concerned it may lead to unintended consequences. Waves CEO Sasha Ivanov warned last week that the surge in DeFi interest could lead to another “ICO bubble.”

He said, 

DeFi is the future, but it’s going to be coming through a bubble part of the cycle now, which can harm its long-term development.

Featured Image Credit: Photo via Pixabay.com

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