Statistics show that the Ethereum 2.0 deposit contract has exceeded 6 million ether this week as more than $12.4 billion worth of ethereum is held in the contract today. Onchain metrics show that Ethereum has seen some significant drawdowns in recent times and decentralized finance (defi) activity has slowed compared to last summer’s statistics. Despite the onchain dips, this year ethereum markets outperformed bitcoin in Q1 and Q2.
Ethereum 2.0 Contract Now Holds 6 Million Ether Worth $12.4 Billion, Onchain Ether Stats Slide
There’s been a lot of focus on the Ethereum (ETH) network recently as the Ethereum 2.0 deposit contract now commands more than 6 million ether. Meanwhile, Ethereum participants are getting ready for the highly anticipated EIP1559 upgrade and London hard fork.
Bitcoin.com News recently reported on the three Ethereum testnets that are transitioning to the London upgrade, and if all goes well the mainnet fork will follow. As more than $12.4 billion has entered the ETH 2.0 contract, a newly published report from Glassnode shows defi activity has dropped considerably but growth remains strong from a big picture perspective.
“Growth in new and existing activity throughout defi has taken a hit, as many participants move into a risk-off mindset amidst -60%+ dips from ATH across most governance tokens. While on-chain activity is no longer increasing as a % total month-over-month, year-over-year growth remains massive,” the Glassnode defi study details.