Since the cryptocurrency launched ethereumpow (ETHW) has seen spot market prices decline by close to 12% during the last seven days. Despite the fact that during the last two weeks ETHW has shed 35% in USD value, the network’s token economy and decentralized finance (defi) ecosystem has swelled.
ETHW Spot Market Prices Slide, While the Network’s Total Value Locked in Defi Climbs
Ethereumpow (ETHW) markets haven’t been so hot in recent times and since the crypto asset’s value was recorded before the mainnet went live, ETHW is down roughly 88% from the all-time high recorded two months ago on September 3, 2022.
During the last two weeks against the U.S. dollar, ethereumpow (ETHW) has shed around 35% in value. On Tuesday, October 18, 2022, the crypto asset has been exchanging hands for $6.94 to $7.34 per unit during the last 24 hours.
Furthermore, after capturing close to 70 terahash per second (TH/s) of hashrate, ETHW’s total hashpower worldwide is down to 37.66 TH/s. While the network’s native crypto asset ETHW has performed poorly market-wise in recent times, ETHW’s total value locked (TVL) in defi has skyrocketed.
Statistics from defillama.com indicate that ETHW’s TVL is around $3.69 million after records show on September 24, that the TVL was $283,153. This means that since September 24, or over the last 24 days, ETHW’s TVL in defi increased in value by 1,209%.
Defillama.com stats indicate that there’s roughly 13 different ETHW defi protocols dedicated to the network. The decentralized exchange (dex) Uniwswap, not to be confused with Uniswap, is the largest defi protocol on ETHW today with 52.13% dominance of the current $3.69 million.
The dex platform has around $1.92 million according to data recorded on October 18. The second-largest ETHW defi-related protocol Lfgswap has around $1,404,733 in value locked. This means that Uniwswap and Lfgswap dominate most of ETHW’s defi ecosystem in terms of TVL.
ETHW has roughly a dozen tokens with the entire ETHW token ecosystem (including ETHW) valued at roughly $800 million. The ETHW protocol is number 83 in terms of positions held by TVL in defi today, while Ethereum Classic (ETC) network is around 119 today. ETC’s defi ecosystem is much smaller than ETHW’s, in terms of TVL size, as defillama.com metrics show Ethereum Classic’s TVL today is $537,243 among five different defi protocols.
Most of the ETC TVL is held between two defi protocols on that leverage the Ethereum Classic chain which include Hebeswap and Etcswap. ETC’s value compared to ETHW’s is a lot larger and the asset’s $3.24 billion market cap is also colossal compared to the newly introduced crypto asset.
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What do you think about ETHW’s recent spot market action and the network’s defi TVL increasing during the last few weeks? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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