Glassnode says that ETH locked in DeFi as on exchanges is almost as twice as much

Glassnode says that ETH locked in DeFi as on exchanges is almost as twice as much

At an accelerating rate this year, Ether is being locked up in decentralized finance contracts, while there is a continuous fall on the amount held on centralized exchanges.

A chart comparing the number of Ether deposited in Ethereum-based smart contracts to the number of ETH held on centralized exchanges over the past 17 months was shared by Glassnode, on-chain analytics provider.

The share of supply represented by Ether on centralized exchanges has dropped more than a quarter, from roughly 17% to 12%, since the start of 2020.

Also, from 13% to 22.8%, showing that DeFi is steadily eating into centralized exchanges’ profits from Ethereum trading fees, ETH locked in smart contracts has increased by three quarters over the same period.

ETH equivalent to roughly 9% of the supply is locked in smart contracts hosted by networks other than the Ethereum mainnet, from figures from crypto data aggregator DeFi Llama suggest that ETH equivalent to roughly 9% of the supply is locked in smart contracts

DeFi Llama estimates that 8.3 million coins or 7% of circulating Ether is locked in Binance Smart Chain protocols, while 286,153 Ether or 0.25% of supply is on Solana, and 103,902 ETH 0.09% is on Avalanche. Roughly 1.6% or 2.8 million Ether is locked in “other” networks.

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