The world’s second-largest cryptocurrency by market cap, Ethereum is now worth closer to $175 billion.

The price of Ethereum achieved a new all-time high today as it reached above $1,500 with an increase of 14% in the last 24 hours. At the time of the writing, the asset is hovering at $1,520 as per Coinmarketcap.

Ethereum & Decentralized Finance (DeFi)

The main drive for this growth is triggered due to Decentralized finance (DeFi.) DeFi allows its users to trade without the help of an intermediary. According to DeFi Pulse, the total value locked (TVL) in Ethereum based Decentralized finance protocols exceeds $30 billion. Another factor to consider is the growing number of funds locked in the ETH 2.0 protocol. The ETH 2.0 deposits approaching closer to $4.4 billion according to the current Ethereum price.

The three DeFi protocols that contribute towards the growth of Ethereum are Maker, Aave, and Compound. These three combined contributed closer to $13.23 billion, according to defipulse.