ETH/USD: Ethereum keeps going up in a pretty steady way, while compound debt passes $1 billion

Over the past six months, the second biggest cryptocurrency in the world by market cap has been steadily going up. It also got a boost from the recent decision that Ripple's XRP token was not a security, despite what the Security and Exchange Commission (SEC) had said. On June 13, ETH went up by more than 7%, along with the rest of the cryptocurrency market.

This week, Compound, a popular DeFi lending platform, had its outstanding debt on the Ethereum network hit over $1 billion, a level not seen since September 2022. Since the market crash of 2022, people's interest in DeFi activities has dropped a lot. If there is a lot of unpaid debt, this could mean that interest in DeFi is starting to rise again.

(Regarding Ethereum)

Ethereum is a blockchain platform that was first presented in 2015 and is decentralised and open source. It is based on the idea of "smart contracts," which are agreements between two parties that automatically carry out their rules and terms. Developers can build and release decentralised apps (dApps) that can run on the Ethereum network using the platform. Ether (ETH) is the platform's native cryptocurrency. It is used to pay for transactions, pay for petrol fees, and keep value. Ethereum is known for its smart contracts, which can be programmed, are flexible, and are safe. This has led to the creation of a wide range of new dApps, such as decentralised finance (DeFi) platforms, non-fungible tokens (NFTs), and more.