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Ethereum DeFi Ecosystm Hits 2 Million Users as ETH Price Paints ATH

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Over 2 million people have used the Ethereum DeFi platform. There has been a notable increase in the number of Ethereum addresses which transacted with Ethereum-based protocols, as shown by Dune Analytics recent, with volume ramping up hugely within the last two months.

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Additionally, today the price crossed any previous all-time high of $2680.

Record Users and Record Prices

During this period, ETH has been hitting record highs, going from $738 at the start of the year to $2,637 right now. Uniswap is the largest decentralized exchange on Ethereum and is currently running on the top ten. Another popular Ethereum protocol is Unisc, an established USD stablecoin from Circle, 1inch, an exchange aggregator, and USDT among others.

Uniswap transactions have expensed over $2M in ETH gas charges alone in the last 30 days, which indicates the huge surge in volume in the DeFi and cryptocurrency space. ADVERTISEMENTAmong all platforms, growth has been similar.

Decentralized applications built on the Ethereum blockchain have seen vast volumes, with ETH gas prices skyrocketing in March (albeit they have come down a bit this month). Two other popular blockchains seen as possible alternatives to ETH are Solana and Fantom. Weak transactions aren't the only drawbacks of their competitive cryptocurrency.

Ethereum's current competitive positioning is in relation to inclusion costs, but this may change soon.Ethereum 2.0 is currently in the final testing phase and is set to make everything on the Ethereum blockchain much cheaper by switching to a proof-of-stake verification system. The state of competitor blockchain growth and popularity remains to be seen.

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Growth Currently, Ethereum DeFi has 2 million users.

There has been a notable increase in the number of Ethereum addresses which transacted with Ethereum-based protocols, as shown by Dune Analytics recent, with volume ramping up hugely within the last two months. The price charted a brand new record above $2680 as well today.

As DeFi protocols only get bigger and more popular, they demonstrate demand for ether as a currency or transaction medium. Electronic blockchain applications have seen vast volumes, raising ETH gas prices substantially in March (and now they are back to normal). Uniswap is the first decentralized Bitcoin exchange on Ethereum, standing at number one. It has USDC, a USD stablecoin issued by Circle, 1inch, an exchange aggregator, and USDT.

Uniswap transactions have expensed over $2M in ETH gas charges alone in the last 30 days, which indicates the huge surge in volume in the DeFi and cryptocurrency space. ADVERTISEMENTAmong all platforms, growth has been similar. It has seen the biggest explosion by far and more than five times the number of transactions on BSC than on Ethereum thanks to a company called PancakeSwap.

Ethereum 2.0 is currently in the final testing phase and is set to make all actions, including contract interactions and token transfers on the Ethereum blockchain, far cheaper by switching from proof-of-work to proof-of-stake validation. How this will pan out and how competitor blockchain volume/popularity will react remains to be seen.

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 4/27/2021

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