Ethereum's DeFi sink has officially hit the $1 billion mark for crypto locked in smart contracts. If you take a look at defipulse.com you can see for yourself the exponential growth the space has seen over the past year alone. Ether locked up is an important statistic to keep an eye on because it essentially takes those coins out of circulation from being traded or exchanged. This is often referred to as a liquidity sink. As the years go on there will be many more examples of "liquidity sinks" built on top of Ethereum. DeFi along with Ether staked on beacon chain in Eth2.0 will create even less available Ether for the market. Combine that with the possibility of EIP1559 which would create a burn mechanism for a base amount of gas used in every transaction you can see why Ether is so undervalued.