According to a new report by the cryptocurrency analysis company Messari, Ethereum is a token with the ERC-20 standard You are already responsible for almost 50% of the total value of the network.
Ethereum was launched in July 2015 and acts as a decentralized platform for intelligent contracts and decentralized applications.
The network has its own cryptocurrency called Ether (ETH), which It is used to pay the “gas” for transactions.
The platform is the main option for developers to build decentralized applications, and the number of new projects in the Ethereum network continues to grow.
The Ethereum network has one Token standard called ERC-20. With this standard, projects can easily and quickly start their own tokens or cryptocurrencies.
The latest Messari crypto studies suggest that ETH is losing space for these new tokens They already make up almost 50% of the total value of the Ethereum network.
The data showed that the way values are stored and transferred in the Ethereum blockchain has changed completely over the past two years.
Mid 2016 ETH made up 100% of the value stored in the Ethereum network.
With the constant start of new projects on the Internet His domain started falling in 2018 and now accounts for just over 50% of the total value stored in the blockchain.
The study suggests that the growth of stable coins in relation to the increase in value of ETH decides whether ETH remains the dominant force in the blockchain.
The Ethereum network is also used for stable coins. This type of asset works like an ERC-20 token and is pegged to a national currency like the US dollar.
In the past few months The number of stablecoins in the Ethereum network has exploded. This is one of the reasons for the added value that is stored in the network as ERC-20.
The study also analyzed network movements, declaring that Ethereum is on track to process more than $ 530 billion this year alone and that most of the growth is due to stable coin growth.
Despite all the development of the platform, the ETH price is still far from its all-time high (around $ 1,400). The Messari report complements it:
In short, Ethereum is being used more than ever and has evolved from a blank canvas to a number of new forms of value and use cases in just two years. The question for investors is whether this development will pay off. or whether the market continues to twitch. “