The developments made during the bear market are paying off. Innovation on Ethereum continues at a torrid pace thanks to the composability of lego blocks built in DeFi. In this issue, we dive into various trends ranging from which fundamentals of ETH are picking up to where most of the stablecoin flows in DeFi are going. 

Key Takeaways:

  • There’s a sharp contrast in how ETH was used last cycle vs. today. In ’17, a lot of ETH demand came from ICOs. Today, the percentage of ETH supply in smart contracts is rapidly approaching 20%. ETH becoming a productive capital asset with yield is another reason why this rally is more sustainable than in 2017. DeFi and staking are key drivers. 
  • Over $5.1B in value locked in the ETH 2.0 Deposit contract (2.6% of supply / 2.9m  ETH). The top 5 staking service providers account for 42% of all deposits. 
  • Over the past 2 weeks, there’s been a 40% increase to $2.4 billion in the amount of stablecoins in the top 10 pools/projects by weight. While the market still seems strongly risk-on, this may be an early sign of slight de-risking while still seeking yields


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