According to industry intelligence firm IntoTheBlock, Ethereum‘s dominance in the decentralized finance (DeFi) ecosystem continues to grow, as total value locked (TVL) in this field increased by 14.43 percent to $90.7 billion.
Because it eliminates intermediaries by offering financial instruments through smart contracts, DeFi is a booming area in the crypto ecosystem.
The Ethereum network continues to grow in popularity in a variety of ways. According to recent research by blockchain firm Electric Capital, at least 20% of new Web 3.0 engineers are choosing the Ethereum blockchain over competing networks.
According to the report, the number of developers joining the ETH ecosystem is at an all-time high of over 700 each month.
On the other side, long-term ETH investors are exhibiting a lot of faith.
Meanwhile, Ethereum gas consumed in GWEI transactions increased to 188, the highest level since October.