Ethereum Smart Contracts Lock Ups now at 2016 Highs

Ethereum adoption is on the rise, and this is evident in its metrics. Data shows that at the moment, about 23 percent of all Ethereum is now locked in smart contracts. This is the same level as the highs of 2016 during the DAO event.

According to Anthony Sassano, a crypto market expert, $230 million of ETH was locked in smart contracts back in 2016. However, at the moment, the amount locked in smart contracts stands at over $63 billion. This is due to the massive increase in the price of Ether. 

DAO was the pioneer autonomous organization to run on the network. Unfortunately, it was hacked through the exploitation of a weakness in the Ethereum blockchain. However, the hack losses were reversed through a hard fork that led to a network split, and the emergence of ETC and ETH.

The amount of staked Ether is on an exponential growth path. According to ETH 2.0 Launchpad, the majority of the locked ETH is in the Beacon Chain contract, where about 5.42 million ETH are staked. This means over $13.5 billion of ETH is now locked. From a holistic perspective, it shows that 4.65 percent of Ethereum is staked, while 25 percent of the total supply is in DeFi.

The network now has more than 165k validators. This is an increase of more than 250 percent year-to-date. That’s despite the fact that staking rewards have shrunk. The increasing amount of Ethereum staked, and locked in DeFi, means that the network’s decentralization and utility levels are growing.

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