ETHW Spot Markets Witness A Dip While PoW Network Has Recorded A Surge In DeFi

In recent days, the markets where Ethereumpow (ETHW) trades and float, have not witnessed much action. The markets for ETHW have proven to be mainly dull ever since it made its mainnet debut.

ETHW Value Dropped 88% from ATH

Two months back before the ETHW made its mainnet debut, the trading price of ETHW had managed to hit its all-time high of $138.9 per ETHW. The asset hit the particular mark back on August 8, 2022.

From the particular peak price, the trading price of ETHW has continued to decline. As of now, the trading price of ETHW is down 88% from its all-time high, which was before its mainnet launch.

ETHW’s past 2-Weeks Performance

In the past couple of weeks, the trading price of ETHW has recorded a significant drop. The data shows that in the past 14-days, the asset has shed 35% of its value.

In the past 24 hours, the trading price of ETHW has fallen to $6.94 per ETHW and it is now hovering between the ranges of $6.94 to $7.34.

Hashrate has Dropped Significantly

Even the hash rate for ETHW has continued to witness a significant decline. When ETHW made its mainnet debut, the hash rate it captured was 70 TH/s.

However, the hash rate for ETHW has continued declining, and at the time of writing, it is at a low of 37.66 TH/s.

ETHW’s TVL in DeFi

Although the native cryptocurrency of the Ethereum blockchain has performed poorly, its TVL has recorded significant gains.

The performance of ETHW in the decentralized finance (DeFi) sector has been quite remarkable. The data shows that in DeFi, the total value locked for ETHW has skyrocketed.

Defillama.com has recently shared its findings for ETHW in the decentralized finance sector. It has been revealed that the TVL for ETHW is now sitting at $3.69 million.

It is quite surprising to see that on September 24, the TVL for ETHW in the DeFi was just $283,153. This is a great jump for ETHW’s TVL, which has risen 1,209% in the past 24-days.

DeFi Protocols Dedicated to ETHW

Defillama.com has gone on to provide more information surrounding the protocols dedicated to ETHW. The source has confirmed that at present, 13 different protocols within the DeFi are dedicated to ETHW.

The largest and dominant ETHW protocol within the DeFi is Uniswap, which is a decentralized exchange (DEX). Uniswap’s current dominance in the DeFi for ETHW is 52.13%.

This means that out of the total TVL, $1.92 million are the contribution of Uniswap. The second ETHW dedicated protocol in Defi is Lfgswap, which amounts to $1.40 million TVL 37.9% dominance.

This means that despite the loss of value, the investments in ETHW are growing in the DeFi industry.

Author: Jerry Dedmon

Jerry Dedmon is a new writer on Cryptocoin Stock Exchange, his articles are cryptocurrency news, analysis and blockchain news based. We recommend tuning in for Jerry's daily posts as they are always a great and interesting read.

Leave a Reply

Your email address will not be published.