Ethereum’s economic metrics are improving as ERC-20’s transfer value and market capitalization continue to gain momentum.
The investigations carried out by the chain analysis platform, Santiment, revealed that The market capitalization of all ERC-20 based tokens has changed that of Ethereum itself. He was currently adding that It’s the highest market cap ever for ERC-20 coins over Ethereum.
The total market cap for all current ERC-20 assets is $ 46.7 billion, while Ethereum’s is currently just over $ 41 billion at the time of writing.
There have been a few short and similar changes this year, the longest being in July. Ethereum’s price hike in August brought its market capitalization to over $ 50 billionHowever, through the subsequent correction, the ERC-20 tokens were able to surpass this again.
The ERC-20 market capitalization has’#flippened‘the $ ETH Market capitalization since Black Thursday #crypto Dump. After the first crossing in mid-March, it reappeared on September 3rd. This is the highest market cap differential of ERC-20 coins right now $ ETH any times! https://t.co/9tAtfPe06d pic.twitter.com/vTH7mD6JWm
– Santiment (@santimentfeed) September 9, 2020
Tether makes up a large portion of ERC-20’s capitalization at around $ 8.9 billionor 60% of the total USDT supply currently available on the Ethereum network, according to the Tether Transparency Report.
The rise in the popularity of DeFi yield farming in recent months spawned a multitude of new ERC-20 tokens Entry into the markets which contributes to this general capital increase.
DeFi and USDT have boosted Ethereum’s economic activity so much that The seven-day adjusted average transfer value is now higher than Bitcoin for the first time since early 2018.
The analyzes of CoinMetrics reported that on September 5th That number reached $ 3.08 billion sent to Ethereum, compared to $ 3.01 billion sent to Bitcoin.
ETH’s average adjusted 7-day transfer value has flipped that of BTC.
On September 5, the average adjusted 7-day transfer value for ETH reached $ 3.08 billion, compared to $ 3.01 billion for BTC.
Read more in this week’s SOTN: https: //t.co/6JXE5YEN8p pic.twitter.com/N3wcNUeunH
– CoinMetrics.io (@coinmetrics) September 9, 2020
Introduction of passive income opportunities for Ethereum holders such as the vault YETH from Yearn Finance, also added to economic activity on the network. There are currently 220,000 ETH worth around 80 million US dollars at current prices in the YETH vaultand earns around 28% according to Yearns statistics. SushiSwap has been one of the most popular DeFi protocols lately, increasing both the transmission value of Ethereum and network charges.