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DeFi market cap explodes to $11 billion as Chainlink hits all-time high

With Chainlink taking the lead, the industry looks like it has no sign of stopping.



In brief

  • DeFi’s total market cap today touched $11 billion.
  • It is now back to $10.85 billion.
  • Chainlink is taking the lead—hitting new highs after a 24-hour spike.

With no apparent signs of stopping any time soon, the decentralized finance (DeFi) craze just keeps getting bigger. Today, the total market cap touched an eye-watering $11 billion. 

Chainlink (LINK) is taking the lead in terms of market cap, surging in price over the last 24 hours to reach new highs, according to Coin Gecko dataSecond in place is Maker (MKR), followed by Compound (COMP), in CoinGecko’s top 100 DeFi coins by market cap listing. 

As of writing, the market cap had fallen to $10.85 billion. Different sites have different figures in terms of measuring the DeFi market cap. DeFi Market Cap today said the figure was $8 billion—but the website does not include Chainlink in its listing. 

DeFi, which wants to revolutionize finance (borrowing, lending, saving) by running by everything on the blockchain, has exploded with popularity. This is in part because people are finding out they can make lots of money, particularly from money from yield farming: staking resources in pools to earn extra tokens and see huge returns. 

The hype around DeFi is seemingly unstoppable. Bitcoin trader Linksaka today told Twitter that LINK’s trading volume on Coinbase had surpassed Bitcoin’s—standing at $145 million, while Bitcoin’s was just $95 million. While on Binance, LINK was close behind Bitcoin—the biggest cryptocurrency by market cap—in terms of trade volume. 

Not only is the market cap of the DeFi world surging, so is the amount of cash locked into its contracts. According to DeFi Pulse, that figure now stands at $4.55 billion, hitting $4 billion a little over a week ago, and $3 billion under two weeks prior to that.

Though some have said the DeFi world is just a bubble and we could see a crash—just like Bitcoin’s 2017 crash—very soon. 


EY Launches Blockchain Platform for On-Chain Data Tracking 



Data tracking and analytics for the cryptocurrency industry continues to be a focal point for companies and governments as the industry grows. Hoping to alleviate issues, top accounting and financial services provider Ernst & Young (EY) has released a new tool to help track on-chain data in real-time. 

Data Tracking and Procurement Made Easy

According to an announcement over the weekend, EY confirmed that it had launched a new Explorer and Visualizer solution, as part of its EY Blockchain Analyzer product suite. Using the tool, users would be able to use search functionalities with visualization techniques to explore on-chain data for specific addresses, blocks, and transactions. 

From there, the data can be gathered and presented to help manage compliance and fraud risks. Andrew Gordon, the company’s global forensic and integrity services director, explained that the solution would improve convenience for financial reporting, via blockchain-based transactions. In part, he said:

“As blockchain-enabled transactions continue to gain momentum, organizations require state-of-the-art technology to deliver confidence in financial reporting…The Explorer & Visualizer solution allows management to build these capabilities by analyzing blockchain data to highlight potential outliers including fraudulent red-flag activities.” 

EY added that the product’s beta version is now available for individual testing, while it will soon launch it entirely on its blockchain website. 

Paul Brody, EY’s Head of Global Blockchain, added that this is the second product that the company will launch in its blockchain suite. The firm has also launched the EY OpsChain Network Procurement, a procurement service that improves process safety and privacy through the Ethereum blockchain.

In a separate press release, EY explained that the procurement solution uses several open-source components and runs on Ethereum’s public blockchain. Companies can easily integrate it and use its UI and API to ensure direct integration with their ERP systems. 

The solution reportedly supports network-level business processes by moving them into a shared smart contract. As the accounting firm explained, it could potentially cut cycle times by 90 percent and save 40 percent of costs.

EY’s Commitment to the Blockchain Industry Continues 

EY has become perhaps the most prominent of the Big Four accounting firms when it comes to relations with the crypto space. Through partnerships with leading industry firms and a host of products, the company has proven to be committed to playing a role in developing the industry. 

In July, it also delved into the crypto industry by publishing an app to help investors with tax reporting. 

The app, which EY dubbed EY CryptoPrep, is a fully automated, web-based Software as a Service (SaaS) product targeting American crypto investors. The app takes data from several exchanges and cryptocurrencies; then, it applies relevant regulations to complete an investor’s Form 8949. Users can also decide to use the program independently or have it as part of a managed service.

Marna Ricker, EY America’s Vice-Chairman of Tax Services, explained that the company developed the app after noticing widespread interest in cryptocurrencies. 

“Our clients increasingly hold and trade crypto assets, creating the need for an innovative solution to address the evolving complexity around filing crypto taxes,” she said in part. 


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Grayscale Buys Another $186 Million in Bitcoin: Approaching $6B Crypto Assets Under Management



Grayscale has enlarged its Bitcoin Trust, as 17,100 BTC were added to Grayscale’s funds at current prices, as the investment is worth approximately $186 million.

Grayscale BTC Trust. Data by Bybt

Crypto AUM Approaches $6 Billion

The total assets under management (AUM) for all Grayscale Investments crypto funds totaled $5.8 billion according to its last market report for the week ending September 25.

The Bitcoin Trust, or GBTC, is by far the largest fund, containing 82.75% of the total investment, or $4.8 billion. Following that is the Ethereum Trust, which has almost $784 million invested, or 13.5% of the total.

The rest is divided into smaller funds for Bitcoin Cash, Ethereum Classic, Litecoin, XRP, Zcash, and a couple more.

Grayscale buys shares for its investors so that they do not have any direct exposure to the underlying asset. Its BTC shares are currently trading at $11.23, and the Bitcoin holdings per share are up almost 46% so far this year.

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The move signifies continued institutional interest in Bitcoin and crypto assets despite having corrected almost 20% since its peak this year. Grayscale also stated that there would be a huge wealth transfer over the next quarter-century, and the younger generation is interested in Bitcoin and crypto;

“$68 trillion will be transferred from older generations to younger generations over the next 25 years. It’s time to pay attention to the behaviors of the next generation of investors.”

Bitcoin Closes Bullish on The Weekly Candle

The weekend has seen Bitcoin grind slowly higher again in an attempt to reclaim the psychological $11K price level.

Analyst Josh Rager has observed the weekly candle close, adding that Bitcoin has up-trended for the third week in a row and remains bullish.

A retest of the monthly high is also a sign that there are more buyers than sellers at the moment though the next level is critical, and BTC must hold the $11k zone to register further gains.

The $150 million KuCoin hack did not cause any significant sell-off over the weekend, which is a testament to how resilient cryptocurrency markets have become to such incidents.

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Almost 2 Million Test ETH Currently Staked on Ethereum 2.0’s Medalla Testnet



Validator participation in Ethereum 2.0’s Medalla testnet is on the rise. And with the growing number of them, the number of staked test ETH is about to close in on a new high of Almost two million test ETH tokens, that are now staked on Medalla.

This comes amid the launch of the Optimism Layer for Ethereum and DeFi TVL clocking $11 billion.

Ethereum 2.0 Medalla Testnet: The Numbers Say It All

As per the latest update, validators have staked a little close to 2 million Goerli test tokens on the Ethereum 2.0 Medalla test net. Active validators are just above 62,000, with network participation ranging between 72 percent to 80 percent in the last 24 hours.

staked eth against validators
Close to 2 Million Test ETH Staked by More than 62,000 Validators, Source: Beaconcha

As of now, close to two million test ETH tokens are eligible for voting whereas only little more than 1.5 million Ethers have actually voted to validate Medalla.

According to the last update on test ETH staking, around 38,000 participants had plugged in more than 1.1 million Goerli Ethereum tokens. Since then validator participation has gone up to 63.2% in a month’s time.

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ETH Layer 2 Testnet Launched To Give an ‘Optimistic Shape’ To Scaling

As seen above folks are actively working to make Ethereum 2.0 a roaring success. But besides Medalla, Plasma Group developers have been hard at work to reduce the activity load on the Ethereum main net.

Dubbed as ‘Optimism Layer 2,’ the test net will find deployment over the currently trending projects to test Ethereum’s scaling capabilities.

In its entirety, Optimism is OVM, a fully-featured Ethereum Virtual Machine (EVM) compliant execution environment. It’s objective is to work off the root chain to process data and transactions faster.

Optimism is the only generic L2 solution for Ethereum. This means that it does not need to include specific functionality to support existing L1 protocols.

DeFi protocol Synthetix will take the beginning shot at trialing Optimism. And in the process will offer 200,000 SNX in rewards to their users for participating. Synthetix said that currently, the test net is open to the public, but is not available for public contract deployment.

Total Value Locked In DeFi Clocks $11 Billion

Speaking about defi, recent data points to a resurgence in USD deposits in decentralized finance protocols. As per the latest numbers, the total value locked (TVL) has topped $11.13 billion.

defi tvl
Total USD Value Locked in Defi Tops $11.13 BIllion, Source: DeFi Pulse

The recent rise in activity comes after decentralized exchange Uniswap clocked around $2.3 billion in liquidity, an all-time high for the Ethereum based DEX. This has made it the top DeFi project with an almost 19% dominance.

DeFi lending projects Maker and Aave are also closely trailing behind Uniswap with $1.95 billion and $1.53 billion in USD deposits.

But the current star of the ecosystem is dForce which is designed to be an ecosystem that offers a full-stack solution for DeFi. The project has experienced a near 150% infusion of funds which parabolically pumped its TVL number from $104 million to $257 million in the last 24 hours.

Despite the explosive trend in the DeFi market, ETH has portrayed a lackluster price action. The token is trading sideways $357 a coin.

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