The amount of Ethereum ($ETH) held on decentralized exchanges and platforms is now almost twice as much as what is available on centralized exchanges like Binance, Coinbase or FTX.
Since the start of 2020, the amount of Ether on centralized exchanges has fallen by 30% while locked Ether on DeFi protocols is up 75% over the same period.
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SEE ALSO: UniSwap Becomes the First Decentralized Exchange to Process Over $100 Billion in Volume
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The above comes on the backdrop of the much-anticipated launch of version 3 of UniSwap – the world’s most popular decentralized exchange.
Below is a breakdown of the stats since January 2020:
- Ether on centralized exchanges drops more than a 1/4 – from roughly 17% to 12%
- Ether locked in smart contracts increased by 3/4 – from 13% to 22.8%
- Ether equivalent 9% of circulating supply is locked in DeFi smart contracts outside the Ethereum mainnet
- Ether equivalent to 7% of circulating supply is locked in Binance Smart Chain protocols
- Ether equivalent to 0.25% of circulating supply is locked in Solana
- Ether equivalent to 0.09% of circulating supply is locked on Avalanche (Aave)
- Ether roughly 1.6% of circulating supply is lcoked in other networks
The launch of UniSwap V3, is expected to see a boost in DEX and DeFi activity. Already, initial stats since launch point to locked value assets exceeding $300 million – more than 2x the volume that V2 saw in its first month.
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RECOMMENDED READING: UniSwap (UNI) Becomes the First DeFi Token Among Crypto’s Top 10 After Crossing $14 Billion on CoinMarketCap
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