Defi Propels Ethereum Above $400

ethereum price aug 29 2020

Ethereum is back to above $400 after double testing $370 which held as support twice. The crypto now has been in a mini bull run as can be seen above and the reason is most likely a combination of defi and the ethereum 2.0 testnet now back to running nicely. The generally well handled resolution to the small bug that was found on the ethereum 2.0 testnet, which led to a proper testing of the network, has probably restored confidence. In addition, defi has accelerated in its boom, with it now nearing $9 billion in locked assets. Balancer has suddenly jumped above one billion dollars, up from around $200 million a day ago. Aave is now not far off from $2 billion, with a huge jump in all these decentralized finance (defi) dapps, but what’s that gotta do with the price of eth? Well all these dapps run on eth,…

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