Less than two weeks after the fifth anniversary of the Ethereum blockchain The market capitalization yield of ERC-20 tokens is almost the same as that of Ether.
Ryan Selkis, CEO of cryptanalysis firm Messari, said in a July 17 newsletter that the past two months The market cap of all ERC-20 tokens has increased to around $ 25.6 billion, which is approximately 49% of Ethereum’s $ 52.6 billion blockchain total (ETH)..
“Ether only accounts for 51% of the insurance value in the Ethereum blockchain. This is the smallest percentage that has been considered in its history. The other 49% of the value stored in Ethereum now fosters economic activity beyond the maintenance and execution of the Ethereum blockchain. “
The increase in DeFi and stablecoins
According to Selkis The growth of these tokens is mainly due to the Crypto.com token (CRO) and the DeFi chain link token (LINK). However, increasing interest in stablecoins has also weakened Ethereum ownership on his own blockchain.
The Chainlink token rose by over 370% in 2020 and made a profit of almost 80% to become the ninth largest cryptocurrency by market cap this month. CRO’s market capitalization has also improvedfrom $ 426 million in January to $ 2,600 million today.
Cointelegraph reported on July 14 that The stablecoins market cap has grown from $ 2.2 billion to $ 11 billionwhile Bitcoin’s (BTC) dropped 12% from $ 195,000 million to $ 171,000 million. So, The purchasing power of stable coins such as Tether (USDT) increased significantly in 2020.