Crypto industry

Ethereum Classic Surges 300 Percent In A Week, While Ether Locked On DeFi Spaces Surge

Amid the latest rally in the cryptocurrency exchanges, altcoins, especially Ethereum Classic and Telcoin, are leading the surge, with its supporters excited.

Over the last week, Barry Silbert’s favorite digital asset Ethereum Classic jumped by more than 300 percent in value.

As the crypto investors chase optimal profits, the recent surge in the market has seen altcoins passing the torch to one another. Since the beginning of this year, experts have noticed a dramatic shift in the culture and use of crypto assets.

So far, Dogecoin, the favorite token of Tesla’s Elon Musk, remained at the top, with nearly seven hundred thousand percent gain.

On the other hand, the crypto gurus have credited this week’s surge mainly to the social media speculation and memes, with the second biggest crypto asset, Ethereum, hitting new all-time highs without the company making any new changes to its operations.

Glassnode Says Ether In DeFi Apps Surge

A recent report by Glassnode highlighted that the amount of Ethereum token locked on the DeFi space has increased. In contrast, that on the centralized exchanges has dropped significantly over the last seventeen months. 

The chart shared by the crypto data and research firm showed that since the beginning of this year, the total supply of Ether token to exchanges dropped to twelve percent from seventeen percent, accounting for more than a quarter. 

In comparison, the tokens locked in the smart chain contracts have significantly surged to more than twenty-two percent from the previous thirteen percent, suggesting that the decentralized apps are eating up trading platforms’ profits through trading fees in Ethereum.

Plus, the data from DeFi Llama suggest that a total of nine percent of Ethereum supply is currently locked on decentralized platforms other than those based on the ETh network. Besides that, as much as seven percent is locked in Binance’s smart chain contracts – nearly 8.3 million coins. 

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