Large Ethereum volume being removed from exchanges despite positive price performance
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- DeFi is on the rise
- Ethereum stake attracts more investors
Ethereum traders and investors moved large amounts of Ethereum from various centralized exchanges, according to glassnode figures.
Large inflows have been falling under a general outflow trend over the past 24 hours due to the growing popularity of DeFi apps. In addition to the return popularity of the DeFi industry, Ethereum staking is facing massive money inflows, with more ETH being locked into contract contracts every day.
DeFi is on the rise
According to DeFi app and blockchain tracker DeFiLIama, the total value of funds locked on the Ethereum network has increased from about $107 billion to $121 billion in the past 10 days.
Alternative networks such as Cardano and Solana are also facing huge growth in DeFi solutions. Cardano’s TVL hits a new all-time high following the release of another major project on the Mineswap series. The network’s TVL is currently valued at $310 million.
Since Ethereum has the largest number of DeFi apps on its network, traders and investors can opt for them instead of traditional holdings or active trading on centralized exchanges. One of the most popular solutions commonly used by traders and investors is the liquidity services that the DeFi platform provides.
Ethereum stake attracts more investors
Ethereum 2.0 staking contracts that have already achieved more than 10 million ETH in total value continue to grow as more Ethereum investors and traders opt for the stable 12% APY option instead of holding their funds on exchanges.
In addition to the growing popularity of staking options, cryptocurrency enthusiasts have become more cautious about holding digital funds on centralized exchanges as they can block or confiscate users’ assets in order to comply with the laws of the countries where they operate. .