According to one crucial blockchain indicator, Ethereum seems to be significantly undervalued. Ethereum (ETH) has increased by an unexpected 37% in the first 30 days of the year and is currently trading at around $1,700.
However, many traders anticipated before the year began that Ethereum would consolidate its gains from The Merge and trade sideways in the first few months of 2023.
Some people even speculated that Ethereum would fall below $1,000. As a result, a lot of investors are currently wondering if Ethereum’s 2023 bull run will continue.
One metric—total value locked (TVL)—can be used to determine the response to this question. This measure can be used to quickly track how much activity is taking place on a blockchain.
Generally speaking, the better a number is for a blockchain, the higher it is. Take a closer look at this measure to learn more about Ethereum’s potential in the future.
With $29.39 billion in TVL, Ethereum holds the top spot globally in this statistic. With $5.35 billion in TVL, Tron is the second-largest blockchain.
Considering the entire crypto market TVL, Ethereum accounts for over 60% of it. That’s a pretty convincing argument in favor of Ethereum because it shows how well it’s doing at getting investors to “lock up” their money and put their faith in the blockchain.
Sberbank, Russia’s largest bank, aims to launch its own “DeFi” platform by the end of April. Sberbank blockchain product director Konstantin Klimenko announced at the Perm Economic Congress in Moscow that the bank would be launching its DeFi platform on Ethereum before May.
According to Klimenko, the platform will be compatible with Ethereum; users will be able to log onto it by using MetaMask wallets. It’s unclear whether the platform will be hosted on the Ethereum network itself, or which services it will provide its users.
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