1% of Ethereum’s Total Supply Locked in ETH 2.0; DeFi Users Surpass 1 Million

A week back, on Dec. 1st, phase 0 of ETH 2.0 finally went live after the required number of ETH were staked. More than 1.15 million ETH worth over $690 million has been deposited in total.

These numbers represent 220.26% of the 524k threshold needed to trigger the launch of the Beacon Chain. As of the time of writing, 3,215 unique depositors have sent ETH to ETH 2.0 in 26,797 transactions.

The most significant deposit was made on Nov. 24 at nearly 244,100 ETH, following the previous day figure of 177,248 ETH per Dune Analytics.

Ethereum co-founder Vitalik Buterin took to Twitter to share that currently, 1% of Ether’s total supply (~113.7 million at the time) has been now locked in the deposit contract. “Still doing far better than I expected,” he added.

The second-largest digital currency that went to $636.42 on Coinbase the day of the ETH 2.0 launch only to dump right after and has been since then keeping around $600.

Seeing ETH 2.0 as “buy the rumor, sell the news,” analyst Mati Greenspan isn’t keeping Ether in his investment portfolio. On 1% of all ETH being locked in the deposit contract he, commented,

“Celebrating that 1% of supply is now locked up? Why not just burn it? That would make number go up faster. Ethereum has a high inflation rate and no cap. Why mint more to lock more? How do you think that will affect price long term?”

Besides this, 6.9 million ETH are also locked in decentralized finance (DeFi). However, these numbers are down from the record 9.25 million ETH that was locked in October.

Unlike ETH, BTC locked in DeFi is keeping stable at above 165k; ever since, the amount of locked Ether has been on a decline.

Meanwhile, the total value locked in DeFi is near ATH at $14.7 billion on the back of rising prices of DeFi tokens.

While both Bitcoin and Ether prices are struggling for direction, DeFi tokens are enjoying an uptrend. These greens came while Aave announced its V2 launch, YFI announced a raft of collaborations and “mergers,” notably with SushiSwap, which is being audited by Quantstamp.

Interestingly, the total number of DeFi users has also been growing, exceeding 1 million today. At the beginning of 2020, there were less than 100,000 users, and in less than a year, it has 10x’ed.

According to Dune Analytics data, the number of Uniswap users is the highest at nearly 600k, accounting for 59.3% of total users. Compound is ranked second with 254,179; followed by Kyber (110,180), 1inch (43,341), OpenSea (33,465), Aave (30,862), and Yearn.Finance (26,490).

Ethereum (ETH) Live Price

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