Ethereum Surpasses All-Time High, DeFi Activity Lags Behind

Ethereum hit a new all-time high this week, reaching $4,946. However, the cryptocurrency’s decentralized finance (DeFi) ecosystem remains significantly less active than during past market cycles. Data from DefiLlama shows that total value locked across Ethereum’s DeFi protocols stands at $91 billion, nearly $17 billion below the $108 billion peak established in November 2021. This disconnect highlights a shift in DeFi activity.