Record $1.19 Billion USD Locked In Defi - Up 20% in 48 Hours

Feb 10 9 PM - $997 million
Feb 12 9 PM - $1.19 billion
Stats from defipulse

At the point the rate eth is locked in defi exceeds the rate that new eth is mined, eth will experience asymptotic growth. I am HEAVILY long eth at this point because both the fundamentals and the long term elliot counts are overwhelmingly favoring the bulls.

The extended 5th wave it is on right now is also great bait for drawing in bears to short it and when they get run over their stops will send it higher.

There is an old point of control region around $600 which I think eth is seeking and I intend to hold at least to there or possibly lighten up a bit near the 6 month cycle around june/july. However right now I am hard core hodling and not really worried about daytrading cryptos except in tiny amounts to stay in practice. I am treating this as a point to be watching the month and week chart not the minute chart.

Comment:

As ReiX pointed out this is mainly due to eth increasing in value so the total USD locked would of course increase.

So to get the real figure we can track the rate at which eth is being locked compared to eth mined.

According to etherscan about 13k eth is mined per day.

According to defipulse we get:

30-Jun-19 1,688k eth locked
12-Feb-20 3,116k eth locked

Difference is 1,428k eth became locked

That is 227 days, which means an average 6.29k eth was locked per day, that is very nearly half (48%) the eth that mined per day is getting locked by defi.

So it's not a 20% increase in eth locked over the last 2 days, but it is very significant that in another 227 days you would expect basically all new eth mined to be immediately locked in defi.

There is probably a mechanism in defi to address this issue in case the price of eth skyrockets it will possibly start releasing eth since that amount of collateral isn't needed, athough this is very unclear since it would depend on which algo is being used. Maker probably has a different system for that than synthetix, for instance.

Comment:

Another mistake, this is not true "227 days you would expect basically all new eth mined to be immediately locked in defi." because what I computed was not the acceleration. Still it's a lot of eth getting locked.