“Activity on the Ethereum blockchain is nearing levels not seen since the peak of the ICO bubble. ETH withdrawn from exchanges has hit a six-month high. It’s obvious that this activity is related to DeFi.”
On why this is important, Weiss Crypto Ratings explained that DeFi is “giving real value to the Ethereum blockchain, unlike anything we’ve seen before.”
“Forget CryptoKitties, forget gaming — DeFi is where it is at,” the firm concluded
ETH hasn’t benefited from DeFi… yet
Although DeFi is clearly driving Ethereum adoption higher and giving the blockchain more fundamental value, ETH has yet to benefit.
As can be seen in the chart below, the second-largest cryptocurrency has stagnated over the past few weeks. Over that time frame, ETH has been trapped between $220 and $250, barely deviating from that range.