Within the upcoming 5 year anniversary of the Ethereum [ETH] blockchain just less than two weeks away, the market cap performance of ERC-20 tokens has skyrocketed to almost achieve parity thereupon of Ether.
Ryan Selkis, CEO of crypto analytics firm Messari, revealed on 17th July newsletter that over the past two months, the market capitalisation of all ERC-20 based tokens has sky rocketed up by roughly $25.6 Bln, around 49% of the entire assets on the Ethereum [ETH] blockchain, $52.6 Bln.
“Ether now only accounts for 51% of the worth secured on the Ethereum blockchain, which is the slightest on a percentage basis that it’s accounted for in its history. The other 49% of the worth stored on Ethereum now incentivizes economic activity beyond the maintenance and execution of the Ethereum blockchain.”
DeFi & Stablecoin Projects Gaining Popularity This Year
As per Selkis, the expansion of these tokens is primarily sue 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% this year, gaining almost 80% this month to become the 9th-largest cryptocurrency by market cap. CRO’s market capitalisation has likewise improved, hiking from over $426 Mln earlier in January to $2.6 Bln today.
As per a recent report published on 14th July, the market cap of stablecoins has risen from $2.2 Bln to $11 Bln, while that of Bitcoin [BTC] has actually decreased 12%, from $195 Bln to $171 Bln. Thus the purchasing power of stablecoins like Tether [USDT] has markedly hiked within this year.