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DeFi Liama, a crypto analytic firm, revealed that the current total value locked in DeFi is below $110 billion. This is the lowest value it has been since it started increasing in October last year.
DeFi TVL Touches It Low
According to a news report, all DeFi investors are eagerly anticipating the arrival of Ethereum’s Merge. Their hope is that it would quicken recovery of the crypto market from its bearish state.
According to the statistics from DeFi Liami, DeFi TVL has recorded a new low value. The statistics also revealed that its value is not up to the $110 billion price mark.
Another news source reported that the crash of the Terra network coupled with voluptuous inflation caused the US Federal Reserve to use multiple monetary policies. As a result, the value of cryptocurrencies across all networks began to deteriorate.
Benefits Of Ethereum’s Merge
It is safe to say that Ethereum’s Merge is by far the most awaited protocol currently in the cryptocurrency world. It is so important because it will transit Ethereum from a proof-of-work to proof-of-stake consensus mechanism. This in turn would significantly cut down the fees and power consumption of the network. Additionally, it would hasten transaction speed, increase scalability and improve the interoperability of the network.
A top official at Framework Ventures, Vence Spencer, while speaking to a News spokesperson commented on Ethereum’s Merge. He said reviewing the modus operandi of crypto markets, Bitcoin halving is by far the biggest event. He concluded that this time around, Ethereum is halving by 90% at once, it would be a huge event.
Furthermore, Vitalik Buterin and other developers of the Ethereum network have announced severally before that Ethereum ‘s Merge is fast approaching. Even though the process had been postponed several times, they tipped that it would be launched by August, 2022.
How Ethereum’s Merge Would Benefit The DeFi Industry
The Ethereum network’s Merge is deemed as the upgrade capable enough to pull out the network from its bearish state. This is what many DeFi investors also thought of the upcoming event.
Valkyrie’s top official, Wes Cowen, revealed his company has been acquiring more ETH because of the upcoming Merge. He believed that the event would present a new opportunity of success to investors in the crypto space.
The upgrade would employ ETH holders as transaction validators that would keep the network secured and functional. Moreso, the operational cost of a validator is cheaper than that of a miner as in Bitcoin’s case. Therefore, Validators would have more funds to hold from their incentives unlike miners who used up theirs for operational cost.
The news source also revealed that if another massive sell-off should happen, Ethereum would be less affected than Bitcoin.
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