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    According to a report, In 6 weeks, 124 billion dollars vanished from the Ethereum market.

    According to Glassnode, a blockchain statistic tracker, the Ethereum (ETH) decentralized finance (DeFi) market experienced a massive deleveraging, with almost $124 billion disappearing in six weeks. Glassnode made the claim in a research post titled “The Great DeFi Deleveraging” on June 17.

    Early warning indicators of a fall in ETH usage and network demand, they claim, appeared after the November 2021 all-time high (ATH) of $4,808. They reported a decrease in on-chain activity and gas fees, indicating a decrease in DeFi-related transaction activity.

    According to the research, the Total Value Locked (TVL) on ETH decreased from $205 billion to $81 billion in six weeks, representing a 60% drop. The rice collapse occurred in two major waves in May and June.

    The first was $94 billion during the implosion of Terraforms Lab’s Terra LUNA 1.0 and Terra USD programmes (UST). The second was $30 billion, after ETH fell below its all-time high of $1,030 in June.

    These occurrences have resulted in historically huge realised losses for the ETH investment base. Tether USD (USDT), Circle USD (USDC), Binance USD (BUSD), and the ETH-based USD (DIA) now have a total market value of $3 billion more than Ethereum. Throughout 2021, their combined size never approached 50% of the ETH market value.

    Glassnode subsequently stated that, while the current de-leveraging in the ETH DeFi ecosystem is unpleasant, it will allow the ecosystem to recover and rebuild on more solid grounds. ETH reached $880 over the weekend. It is presently trading at $1,173, a 5% rise in the previous 24 hours.

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