Ether Locked Into DeFi Hits a Record of 3 Million ETH

Neil Dennis

The total value of ether locked into decentralized finance (DeFi) dApps has passed 3 million ETH ($552 million) for the first time, according to data on DeFi Pulse.

Of this total, more than half - 1.6 million ETH - is locked into the MakerDAO dApp, the top DeFi decentralized application on the Ethereum blockchain, and a core component of the Dai Stablecoin System, which allows users to leverage their Ethereum assets to generate dai tokens.

Ether is, by far, the dominant cryptocurrency used in DeFi apps. By comparison, bitcoin currently has just 1,400 BTC locked into DeFi thanks to the Lightning Network - worth $11.6 million at current prices.

Growth of DeFi

DeFi is still in its infancy, but an ever-growing array of financial tools are becoming available from an increasing array of platforms on the Ethereum network that enable services such as instant transaction and settlement, exchange-free lending and borrowing of digital assets, and collateralization. All of these services require no middlemen or central authority, making them cheaper and more reliable.

The top three Ethereum dApps by total value locked are:

  • MakerDAO - the Dai Stablecoin collateralization system, with 1.6 million ETH locked
  • - the crypto lending and borrowing platform, with 607,300 ETH locked
  • Synthetix - for creating synthetic assets, with 331,600 ETH locked


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Waves' DEX Relaunches as Hybrid Cryptocurrency Exchange

  • Decentralized exchange (DEX) Waves DEX has closed and will relaunch as a hybrid cryptocurrency exchange.
  • Waves' main development team will shift its focus to the Waves protocol while a separate team handles the exchange. 

Decentralized exchange (DEX) Waves DEX shut down in order to rebrand itself as a hybrid cryptocurrency exchange. 

According to a report by FinanceMagnates, the former decentralized crypto exchange shut down its operation with the intention of relaunching as a new, hybrid exchange. Waves DEX has already ceased operation on its old domain and is currently in the process of migrating to Waves.Exchange. 

The exchange reassured that user funds will be protected during the migration,

From this point onwards, the old version of the exchange will be unavailable, and the website will offer only functionality to support migration. User funds held on Waves DEX will remain completely safe during and after the process.

Waves announced its main development team will focus on the Waves protocol while support for the new hybrid exchange will be handled by a separate, dedicated team that will include some former Waves core developers. 

Waves founder and CEO Sasha Ivanov said, 

Waves DEX was a kind of prototype. Now, after 2 years of operation, it has grown and become a separate project. [...] Now it’s time for us to focus on protocol development and hand over the exchange to an  external team and community separate from Waves, so we can merge all the infrastructure teams into one, synchronizing development work and taking the combined product to a new level.

Waves.Exchange intends to combine the irreversibility of transactions, safety and user control of a decentralized exchange with the more common features of a centralized trading platform. 

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