Ethereum News Today – Headlines for November 9

  • Ethereum is shaping up to be the future of finance
  • Ethereum is the number one platform of choice for future money
  • When will Ethereum moon?

Ethereum News Today – In a world overwhelmed by hurtling debt, banking bailouts, and currency depreciation, a solution is highly needed. Many are now going into decentralized finance (DeFi), the future of banking, where everyone is his or her own bank. Ethereum is the number one platform for DeFi, the Dai stablecoin is hitting new highs, and Maker is on the move.

Ethereum Is the Platform of Choice for Future Finance

Dai is a stablecoin pegged with the US dollar form the Maker Decentralized Autonomous Organization. Unlike other stablecoins such as Tether (USDT), Dai is not actually backed by dollars in a vault. It is backed by collateral that causes its supply to fluctuate. Tether has a lot trust issues, as the firm can mint the token with no proof of backing besides their word. The value of Dai only increases when the collateral staked on the network increases, and the majority of that collateral is Ethereum (ETH).

Ethereum (ETH) Price Today – ETH / USD

#NamePrice24H %
2
ethereum
Ethereum(ETH)
$175.01
-0.76%

As decentralized finance grows, the amount of Ether locked in the system also surges. This is why a considerable increase in the price of Dai is also positive for Ethereum (ETH). According to data from Defipulse.com, there is presently more than $650 million locked in DeFi. The figure is also approaching its all-time high of $685 million, which happened in June this year.

About 2.42 million Ether, which makes 2.2 percent of the entire ETH supply, are locked in DeFi. According to Defipulse.com, Dai worth about $30 million is stored in DeFi, which is about 30 percent of its entire supply, now that it has hit the milestone of $100 million.

The lending platform of Maker is presently the market leader, with about 53 percent share. MKR is one of the top-performing altcoins this month, with an increase of more than 26 percent in just over a week.

Ethereum Still Slumbers Despite the Bullish DeFi Charts

The charts of DeFi are all showing bullish signs. However, Ethereum is still slumbering. The year 2017 was when crypto boomed, and 2019 is tagged the year DeFi hits the scene. Ethereum has several technical resistances ahead for the network as it moves to a Proof of Stake consensus protocol. The upgrade would also provide another way to earn passive income by staking 32 Ether. Ethereum is gradually shaping up to be the future of finance. Hence, lending platforms like Maker are expected to see massive, steady growth as monetary systems evolve.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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