- ETC continues its rising due to revamp interest in digital assets.
- ETC has a TVL of approximately $240,000 by the end of July.
The total value locked (TVL) of Ethereum Classic (ETC) noted an increase of more than 100%. The reason for this increment is due to the upcoming ethereum merge, as the project collected more liquidity. It also must be noted that ETC was one of the best performing cryptocurrency from the last two months.
DeFi Dashboard Data Aggregation
As per the research analysis, TVL noted its hike with around 158% in July. TVL performed at the price of $93,213 on July 1 which then raised to $241,388 on July 31.
Origin of ETC
The Ethereum Classic was launched in the year 2015, by Ethereum founder Vitalik Buterin. The purpose of the formation of ETC is the hack of a decentralised autonomous organisation (DAO) in 2016. It led to a split in the Ethereum blockchain network, which is now known as Ethereum Classic. This blockchain network is used for building distributed applications and smart contracts.
The Reason of the Rise in TVL
The massive hike in Ethereum Classic TVL noted in July was reasoned for an enhanced value in decentralised applications (dApps) in its ecosystem.
HebeSwap currently shows its dominance in TVL with 88.25%, while ETCswap also played a crucial role in the rise of TVL in ETC. While the other blockchains like Dogecoin, Lachain, Crab, Ubiq, and Polis are performing behind TVL.
ETC Price Analysis
ETC is now performing at the price of $40.87 USD from the past 24 hours, with an up of 1.58%. While its price was at $14.44 on July 1, and noted its monthly high with $44.02 with a noted low at $13.86. At the end of July month its price was noted at $38.84.
Source: https://www.thecoinrepublic.com/2022/08/18/market-analysis-on-the-ethereum-classic-total-value-locked/