Ethereum Locked in DeFi Drops by 2.23M ETH Since Mid-November

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Ethereum Locked in DeFi Drops by 2.23M ETH Since Mid-November

The amount of Ethereum locked in DeFi has dropped by 2.23 Million ETH since mid-November.The current amount of ETH locked in DeFi is 6.7M compared to 8.929M in mid-November.The drop coincided with ETH staking on ETH2.0.Staking on ETH2.0 might be a safer alternative to DeFi where rug pulls and flash loans are normal

The amount of Ethereum locked in DeFi protocols since mid-November has seen a drastic drop. According to data from DeFiPulse.com, the amount of Ethereum locked in DeFi has dropped by approximately 2.23 Million since November 15th.

The Drop Coincided With Ethereum Staking on ETH2.0
The drop in the amount of Ethereum on DeFi protocols coincided with the staking of Ethereum on ETH2.0. According to data from CryptoQuant.com, the number of Ethereum deposited to the ETH2.0 contract started to increase exponentially around mid-November. The chart below, courtesy of CryptoQuant.com, further demonstrates this fact.

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