About 4% of ethereum’s total supply is now locked in decentralized finance (defi), the highest level ever.
That 4 million eth is worth about one billion dollars at the current fluctuating price of $275.
In total about $3.5 billion worth of assets are locked in defi, rising by about $1 billion a week.
Locked assets have grown by some 4x since May, in just 2-3 months, with most of this growth beginning in mid June.
Since then utilized assets were rising at about half a billion a week, but now growth itself seems to be accelerating with the curve getting steeper as can be seen above.
The reason is because of the incentives to use the defi dapps through tokens giveaways to create a new business model of token holders governance.
That has brought liquidity which by itself may make these dapps even more useful, so creating a potential virtuous cycle amid much innovation that may disrupt at least some functions of banking.