Ethereum, the second-largest cryptoasset by market capitalization, has continued to outperform bitcoin since the end of May amidst a resurgence in decentralized finance (DeFi) popularity.
DeFi now accounts for $1.53 billion in total funds, compared to the previous high of $1.24 billion set in February 2020.
DappRadar communications director Jon Jordan claimed the rising popularity for DeFi is in part being driven by anticipation for the launch of Ethereum 2.0.
Since taking off on June 14, the total amount of ether, bitcoin,and dai locked in DeFi has surged more than 58%.
According to Jon Jordan, he said: “Two of the main obstacles to making dapps on Ethereum easier to understand and use are gas fees and slow block times. Ethereum 2.0 will fundamentally solve these, making Ethereum dapps feel much more like using the standard web and mobile apps we’re all used to”.