Ethereum Defiwaters Financialtimes : Ethereum is becoming the platform of choice for DeFi projects

The crypto market has lost steam since the weekend’s bloodletting of the king. Only a few industries and projects are still in the clear. Investors in Ethereum and the DeFi protocols have demonstrated their continued bullishness, as evidenced by their continued use of the tokens.

According to Messari Research, Mira Christanto, ETH-DeFi lost 3.16 percent of its value over the weekend, with a staggering $104 billion in total value locked up in escrow (TVL). BNB-DeFi, on the other hand, suffered a 35.12 percent sector loss and a $20 billion value lock.

Ethereum allows you to exchange your coin for other ethereum-based coins. It appears to be a lot of fun. Recently, we interviewed Aaron Lammer, who has long been interested in cryptocurrency and has fallen into the Decentralized Finance (DeFi) rabbit hole, trading coins and engaging in so-called yield farming (where you place your coin in a liquidity pool and collect interest from people trading while holding them there for some time). Whatever the case may be, the idea of a cryptocurrency that actually does something appeals to many people in traditional finance (TradFi).

The total value of ETH-DeFi, on the other hand, has dropped from $120 billion to where it is now. Before the crash, Binance DeFi had a market cap of $36 billion.

Many ETH-based projects made progress in May. A new version of Uniswap went live on May 5th, the company announced. According to its creator Hayden Adams, the USDC/ETH pool had a trading volume of $378 million and a TVL of $83 million, while the wBTC/ETH pool had a volume of $312 million and a TVL of $229 million.

In the last ten days, the trading volume has surpassed that of Uniswap v2.

It’s no secret that Polygon and other protocols have partnered with Aave in the past. According to Aave team member Alex Berto, in the week prior to the crash, the company generated over $9.2 million in interest, $497,000 in Flash Loan Fees, and $78,000 in liquidations, for a total of $13 million in Aave and Polygon distributions. Aave has generated over 1.2 billion dollars in revenue in just one year.