ERC-20 Tokens Make up About 50% of Entire ETH Blockchain

Ether now accounts for only half of the value on the ETH blockchain as DeFi tokens like LINK and stablecoins take its place.

With the five-year anniversary of the Ethereum blockchain less than two weeks away, the market cap performance of ERC-20 tokens has skyrocketed to almost achieve parity with that of Ether.

Ryan Selkis, CEO of crypto analytics firm Messari, said in a July 17 newsletter that over the past two months, the market cap of all ERC-20 tokens has shot up to roughly $25.6 billion, about 49% of the total assets on the Ethereum (ETH) blockchain, $52.6 billion.

“Ether now only accounts for 51% of the value secured on the Ethereum blockchain, which is the smallest amount on a percentage basis that it’s accounted for in its history. The other 49% of the value stored on Ethereum now incentivizes economic activity beyond the maintenance and execution of the Ethereum blockchain.”

Messari

Source: Messari

Rise in DeFi and stablecoins

According to Selkis, the growth of these tokens is primarily due to the Crypto.com token (CRO) and DeFi token Chainlink (LINK), but a surge of interest in stablecoins has also weakened Ethereum’s hold on its own blockchain.

Chainlink’s token has surged over 370% in 2020, gaining almost 80% this month to become the ninth-biggest cryptocurrency by market cap. CRO’s market cap has likewise improved, rising from $426 million in January to $2.6 billion today.

Cointelegraph reported on July 14 that the market cap of stablecoins has risen from $2.2 billion to $11 billion, while that of Bitcoin (BTC) has actually decreased 12%, from $195 billion to $171 billion. Thus the buying power of stablecoins like Tether (USDT) has markedly increased in 2020.

Comments

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry. The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling. Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk about cryptocurrency,

Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

Customers in those countries who send crypto outside their Coinbase accounts must provide recipients’ names, addresses and in some cases, additional information, as of early April. Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient. Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places. Coinbase didn't immediately respond to requests for additional comment on the moves, but confirmed that they were taking place. The move does not seem to be going over well with Coinbase customers in those countries, who value the anonymity of transactions using cryptocurrency. According to a FAQ provided by Coinbase , for Canadian users, sending more th

Farm GRASS earn MONEY

Use your Unused Internet Bandwidth to make $$$ In today’s interconnected world, the concept of passive income has taken on new dimensions, offering innovative ways for individuals to monetize underutilized assets. One such groundbreaking avenue involves earning money by selling your unused internet connection. By participating in decentralized networks like Grass, individuals have the opportunity to turn their dormant bandwidth into a valuable asset, contributing to a fairer and more equitable digital landscape while generating income. Grass is a decentralized network sharing application designed to offer an alternative to existing centralized networks. It allows users to sell their unused bandwidth directly, without the need for exploitative middlemen. The platform operates by enabling users to download a web extension that runs in the background, assisting others in accessing public web data in exchange for payment using the protocol’s native token. How to get started with GRA

Crypto Ethone

Search This Blog