Total value in Ethereum (ETH) 2.0 reaches a new one-month high, Glassnode data shows.
Glassnode, an on-chain crypto analytics company, recently shared that the total value of Ethereum in the ETH 2.0 Deposit Contract has just reached a new monthly high of $21,782,048,562.98 ($21.7B). This marks a new record for the highest value the contract has ever seen in a month. A previous monthly high for the market was established on July 22, 2022, when it reached a value of $21,502,670,488.13 ($21.5B).
? #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached a 1-month high of $21,782,048,562.98
Previous 1-month high of $21,502,670,488.13 was observed on 22 July 2022
View metric:https://t.co/1ezmu1GKcj pic.twitter.com/vldc9KmWV8
— glassnode alerts (@glassnodealerts) July 28, 2022
According to Defilama, a total of $56.62 billion worth of value is locked up in Ethereum (ETH) 2.0, making it the blockchain with the biggest total value locked (TVL) at the time of writing. This represents more than 65 percent of the total value of $87.56 billion that is locked up in the several blockchains that implement DeFi protocols.
Recall that it was revealed by The Crypto Basic today that the Ethereum network achieved a new record for the number of daily active addresses on Tuesday, hitting 1.06 million. This is a 48 percent increase over the previous record, which was set in January.
In related developments, the long-awaited transition from proof-of-work to proof-of-stake, often known as “The Merge,” could make it easier for Ethereum to maintain its leadership position in DeFi. If Ethereum was able to get to the top of the DeFi market despite using the slower and more expensive proof-of-work (PoW) consensus process, then it would seem conceivable that it should be able to acquire even more market share after The Merge is finished.
Ethereum seems to be a bargain at its present pricing when considering its future potential. From its all-time high of $4,800, Ethereum has fallen more than 75 percent. With the price now hovering around $1,600, the potential for further gains is very appealing.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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