The Ethereum ecosystem has seen strong growth and people are noticing.
Decentralized finance (DeFi) has been growing at an astounding rate. According to a report by Alethio, the DeFi ecosystem recently grew from roughly 30,000 active users to over 60,000 active users within a period of five months.
Kyber, one of the largest decentralized exchanges in the DeFi space, recently released an Ecosystem Report that supports this pattern of growth. Over the past two years, the amount of decentralized exchange users on Kyber has grown by 740%.
According to DeFi Pulse, the total value locked in DeFi recently reached an all-time high of 700 Million USD. One year ago, the total amount of value locked in DeFi was around 300 Million USD — that’s growth of 133%.
Ethereum’s Growth isn’t Going Unnoticed
Prominent members of the technology community, like infamous Bitcoin developer Gavin Andresen, have commented on the concentration of high-quality projects that are being built on the Ethereum blockchain. Even Elon Musk has posted tweets inquiring about the capabilities of Ethreum.
More traditional companies, like Ernst and Young, have publicly discussed their interest in working with Ethereum as well.
NBA player Spencer Dinwiddie has even gone so far as to attempt to tokenize his NBA contract on top of the Ethereum Blockchain.
Ethereum and DeFi in 2020
With two years of measurable growth in the DeFi ecosystem and many industry leaders taking notice in Ethreum’s capabilities, it’s easy to see the potential for Ethereum to go through another period of sharp growth.
Evidence to support this can be seen in the spike in DeFi activity after a recent bull-run. This indicates that cryptocurrency investors are turning to DeFi to capitalize on their gains. As more investors lock-up funds in DeFi, the more valuable the ecosystem becomes.
Here at Totle, we’ve been busy building and staying on top of the rapid pace of innovation found in the DeFi space. Expect some exciting releases in the coming months!
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