Total Ethereum Locked in DeFi Sets Record of 2.4M ETH, MakerDao Raises Debt Ceiling to 120M Dai

The total amount of Ethereum locked in DeFi applications reached 2.4M ETH today, which is a new all-time high. The previous record was set in April 2019 with 2.3M ETH locked.

The total USD value of ETH, Dai and BTC locked in DeFi is over $636M at press time, and it falls below the record $685M locked in June 2019.

Maker (MKR), with its lending products, has the most Ethereum locked; its market dominance stands at 52% and it accounts for over $333M in total locked value. Compound and Synthetix account for $113M and $100M respectively.

At the moment, MakerDAO lending can only be used with Ethereum as collateral. However, as announced at DevCon 5 last month, MakerDAO would launch multi-collateral Dai on Nov. 18.

Meanwhile, MakerDao has hit a limit of 100M Dai and can no longer issue new coins. In this regard, the Maker Foundation Interim Risk Team placed a new executive vote proposal to raise the debt ceiling to 120M. The Dai debt ceiling has already been raised once: in July 2018 it was doubled from 50M to 100M. Also, the Foundation proposed to lower the Dai stability fee to 5% from the current 5.5%. The vote has just been executed with 59,877.85 MKR.