June was a truly explosive month for decentralized finance markets, and those bullish metrics have impacted the Ethereum network in a similar way. ETH prices, however, are still lagging far behind.
Cryptocurrency markets are back in the red as we begin another week but the same cannot be said for DeFi protocols which continue to hit new highs in terms of the total value of crypto collateral locked up (TVL).
Another new day brings another new all-time high for DeFi TVL, which has now reached $1.86 billion according to DeFi Pulse. Over the past 30 days, the amount of digital collateral that has entered markets has surged by 85%.
This has largely been driven by token distribution incentives from Compound Finance and Balancer. Other DeFi platforms such as bZx have scrambled to jump on this liquidity farming bandwagon with planned upgrades themselves.
Kyber Network’s KNC token has surged to a two-year high just below $2 over the weekend as a highly anticipated governance upgrade called Katalyst is due to be rolled out this week. DEX protocol 0x has also been performing well following the launch of its own exchanged dubbed Matcha.

While DeFiPulse is now tracking more projects than last month. It is still missing Curve (50M), Uniswap V2 (43K), etc. We are certainly already $2B if not moreWith these two platforms included, TVL would already be at $2 billion which is double what it was this time last month.
Impact on Ethereum
All of this additional activity has had a big impact on the Ethereum network, upon which DeFi is predominantly based. In its latest monthly report, blockchain solutions firm ConsenSys has taken a deep dive into Ethereum by numbers. In terms of the physical network, there are 8,035 live mainnet nodes across the globe which is an increase of 584 from the previous month. The number of total unique ETH addresses has topped 100 million, climbing 4% from the same figure in May. Total Ethereum supply has increased by around 400k and is now currently at 111.5 million ETH. The percentage of this total locked into DeFi smart contracts is currently around 2.8% (roughly 3.1 million ETH). The number of mining pools that produced over 90% of all blocks on Ethereum currently stands at 56. The number of daily transactions on the network hit its highest level since January 2018 late last month at 1,111,318. This is not far off the all-time high of 1,349,890 during the ICO boom in 2017/2018.
Ethereum Price Still Bearish
These rosy figures are all very bullish for the network and Ethereum fundamentals but from a price standpoint, ETH is still very much in bear territory. Ethereum prices have broken down over the month of June, falling from a monthly high of around $250 to current levels just above $225. ETH dipped as low as $215 a couple of times but support has generally held, it is fallen below the 50-day moving average, however.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.