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 Price Slides While Net Net Worth Closes in DeFi Climb
The Ethereumpow (ETHW) markets have not been so hot in recent times and since the value of the crypto asset was recorded before the mainnet went live, ETHW is down almost 88% from the all-time high recorded two months ago on September 3, 2022 Is.
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 a hash rate of around 70 terahash per second (TH/s), ETHW’s worldwide total hashpower has dropped to 37.66 TH/s. While the network’s native crypto asset ETHW has performed poorly market-wise in recent days, the total value locked (TVL) of ETHW 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 statistics indicate that there are about 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 a current 52.13% dominance of $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 holds about a dozen tokens and the entire ETHW token ecosystem (including ETHW) is valued at approximately $800 million. The ETHW protocol is number 83 in terms of positions held by TVL in DeFi today, while the Ethereum Classic (ETC) network is around 119 today. ETC’s DeFi ecosystem TVL is much smaller than ETHW in terms of size, as defilama.com metrics show that Ethereum Classic’s TVL is $537,243 among five different defi protocols today.
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.
