With the price of the DeFi being staggeringly high, it was very much expected that this is just triggering a price bubble. There is a widespread slump in decentralized finance. This has led to the decline in ETH prices. However, analysts have to say that this slump in the Defi space is a correction.
Due to lot of network usage by DeFi Projects and stablecoins, there has been increased traffic and there is congestion and this eventually leads to soaring gas prices.
Despite the bullish run slowing down, reportedly 1.5 billion in Bitcoin is now locked up in Ethereum. This accounts to nearly 3.6% of the Ethereum market cap.
Sydney Ifergan, the crypto expert tweeted: “Ethereum (ETH) has long-term bullish expectations despite the value locked in the DeFi Applications is decreasing.”
There is a slow increase in synthetic Bitcoin where the Bitcoin is getting converted to Ethereum-based tokens, which represent Bitcoin. The most popular of all are the Wrapped Bitcoin known as WBTC. Next in the line is RenBTC. Of note, Wrapped Bitcoin has 73% in market share and renBTC has 20% in market share.
There is an increase in the trend of people moving their Bitcoin to Ethereum to extract the best profits out of the Decentralized Finance Boom. These products are decentralized lending protocols with non-custodial exchanges and synthetic derivatives like WBTC. However, to make WBTC it is important to use Ethereum based tokens.
Despite the bullish trends slowing down users are very positive about these products. It is very obvious that Bitcoin holders are interested in making the value work for them on the Network.
Ethereum Wallets MetaMask
MetaMask a browser-based Ethereum Smart Wallet is mainly focused on connecting to smart contracts. Monthly active users exceed the millions. This smart wallet permits users to easily interface with top applications that are built on Ethereum-compatible blockchains. Thus, this has become a very important tool in the process of interacting with DeFi based on the Ethereum Network.
The MetaMask buttons make it possible for everything about ETH based Defi simple and quick and has therefore become an essential tool for users who are looking to interact on the ETH Network.
MetaMask has one million user count and this along with the introduction of billions of dollars in worth of Ethereum-based stablecoins and the network infrastructure is going to further accelerate and sustain growth.
When analyzing the growth, MetaMask has to state that many of their daily active users are from countries like US, India, Nigeria, and Philippines.
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