Despite the stagnant performance in the digital market, Defi’s loaning platform, dYdX recorded a huge landmark on Saturday as the number of loans originated from the platform reached the one billion dollar mark.
In the past year, dYdX has originated well over one billion dollars in loans.
This landmark may yet spark bullish conceptions on Ethereum as Defi’s products continue to gain massive interest. Having said this, it is expected that its products will grow in the near future.
Defi’s loaning platform, dYdX records huge amount of borrowed loans
The platform is experiencing a significant increase in the amount of loans borrowed on its exchange. This is according to its tracking aggregator, LoanScan, which showed that the platform has delivered more than $1.1billion in loans over the past year.
Ethereum, with a total number of $516,647,969 borrowed is the leading asset occupying about 45% of the amount borrowed. Dai comes just after ETH with a total amount of $378,674,732 borrowed followed by USDC which borrowed up to $128,080,455.
Ethereum may benefit from Defi market
One crypto asset that could look to capitalize on the increasing growth of the Defi market space is Ethereum. With the platform offering its users quick unbanked and underbanked financial access. But will the growth affect Etherueum’s price positively?
ETH/USD have responded positively to the entire market collapse that started on the 12th of March. It has risen to over 80% after dropping to sub-$100 levels during that period.
Ethereum is currently trading at $182 making it just the second biggest crypto exchange. This value is reaching a crucial resistance and if this resistance is broken, we might witness a bullish pace in Ethereum’s price.
SMA 50 line, at $160 offers a resistance. However, this resistance level was passed over by ETH/USD. With its “relative strength resistance” moving at 61, Ethereum may benefit from the recent increase in Defi markets.
