Join the BitcoinNews Telegram channel for daily updates >>LINK

Trending Bitcoin News and Market Sentiment June 12th, 2020: DeFi Has Grown Exponentially in Past Year, ETH Whale Transactions with Millions of Dollars in Fees Spark Wild Speculation


Support free writers: > send a tip

written by

  • Bitcoin markets attempting to recover above USD 9,000
  • DeFi is growing exponentially in the past 12 months
  • Ethereum whale transactions with millions of dollars in fees spark wild speculations

Bitcoin markets are still taking their time to recover on this Friday, but the bulls will be encouraged by the signs that are taking place before the weekend, most notably that the pullback did not worsen after yesterday’s failure to breach USD 10,000.

Bitcoiners everywhere might be slightly disappointed by this turn of events but there is still so much positive movement elsewhere in the blockchain industry, especially in decentralized finance (DeFi) sectors.

DeFi has not stopped its incredible growth rate, even after the Black Thursday wipe out on some of the world’s largest platforms earlier this year which saw investors lose money when liquidations took out collaterals. But now, new DeFi assets have grown almost 900% year on year.

Zerion DeFi project founder Evgeny Yurtaev put out a comparison chart on Twitter that should a doubling of new assets in the last month alone, suggesting an exponential pattern of growth to see the Uniswap Protocol account for three-quarters of all the 1,000-plus new assets.

According to Yurtaev, this growth is simple to explain when put in the context of  Ben Thompson’s Aggregation Theory, similar to the way content grew thanks to the Internet. He explains:

“It all comes down to the cost of distribution. Internet brought it close to zero for the content. However, it did not happen in finance. Imagine you come up with your own version of S&P500. How would you go about implementing it? Even investing your money in it? Impossible.”

He calls DeFi the new fintech, saying that fintech did not really bring the cost of distribution of finance down to zero like the internet did for content. But DeFi will achieve exactly this, he believes.

On Ethereum, crypto data firm Dune Analytics counts almost 600,000 DeFi solution users now, with Kyber and Uniswap contributing to 193,000 users in May (excluding 362,000 DAI users). There was a slight drop in March, which they believe is caused by COVID-19, although we believe here it’s more likely the simple Black Thursday event that broke some DeFi platforms like Maker DAO.

Nevertheless, all the numbers point to growing users and as projects become easier to use, this number can only grow. In fact, it is projected to break USD 2 billion by DeFi Market Cap. Most crypto users know of DeFi; a CoinGecko report last month said 89% of respondents found out about it through the MetaMask app.

Meanwhile, Ethereum developments are making waves these few days with big whales moving transactions across the blockchain… for millions of dollars in fees. Yesterday, two ETH transactions happened, giving out over 10,668 ETH in fees each, meaning to say that both transactions collectively paid USD 5.2 million in fees.

When the transactions first came to light, people were making all kinds of speculation. At first, it was a big mistake (and it’s happened before too!) but when the second transaction came out it became clear that something else was afoot.

And now, unlike the previous two transactions, this third one sent 3,221 ETH, higher than the fee, from an address that said (MiningPoolHub: Old Address 7) in its tag. This new address contained many smaller transactions sent to the same address, with only about 2 ETH with smaller fees from 0.0005 to 0.29 Ether. This transaction still paid over half a million dollars in fees though, less than 24 hours after the first.

One of the craziest speculations comes from Primitive Ventures founding partner Dovey Wan who said:

“WOW another abnormal ETH transaction with over 2K ETH fee just emerged, following the previous two incidences each with over 10K ETH fee. This to me is NOT a bug, more like a MESSAGE. A wild guess is certain exchange/wallet/ETH services is being ‘kidnapped’ by hacker.”

Another anonymous researcher called FrankResearcher suggests: “A high fee is due to the fact that hacker’s gas price is a function of the amount of stolen funds.”

True or not, something big is happening on Ethereum! is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow on Twitter: @bitcoinnewscom
Telegram Alerts from

Image Courtesy: Pixabay

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


Read More Bitcoin News


The Tragedy of Fiat Money

Over the course of the last 18 years, the European Central Bank (ECB) printed new currency, multiplying money supply by more than 5 times, bringing it to 1308 billion. Here we discuss whether or not the central bank’s actions could be considered a robbery.

Read More »


Join our Newsletter

Video of the Week


Latest on Bitcoin News

Join our Newsletter


This Month on Bitcoin News

Press Releases

Bitcoin News Archive

Support Bitcoin News - Explore Our Shop: