Since the start of 2020, the share of supply represented by Ether on centralized exchanges has dropped more than a quarter, from roughly 17% to 12%. Over the same period, the percentage of ETH locked in smart contracts has increased by three quarters, from 13% to 22.8%, showing that DeFi is steadily eating into centralized exchanges’ profits from Ethereum trading fees. https://cointelegraph.com/news/almost-twice-as-much-eth-locked-in-defi-as-on-exchanges-glassnode