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

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.

Write a Comment

Your email address will not be published. Required fields are marked *

  • bitcoinBitcoin (BTC) $ 62,072.00 1.62%
  • ethereumEthereum (ETH) $ 3,772.14 2.02%
  • binance-coinBinance Coin (BNB) $ 478.43 1.83%
  • tetherTether (USDT) $ 1.00 0.12%
  • cardanoCardano (ADA) $ 2.13 1.59%
  • xrpXRP (XRP) $ 1.09 3.26%
  • solanaSolana (SOL) $ 157.28 3.36%
  • polkadotPolkadot (DOT) $ 41.09 1.52%
  • dogecoinDogecoin (DOGE) $ 0.254175 6.86%
  • usd-coinUSD Coin (USDC) $ 1.00 0.02%
  • terra-lunaTerra (LUNA) $ 35.81 3.1%
  • shiba-inuShiba Inu (SHIB) $ 0.000027 7.74%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 62,035.00 1.62%
  • uniswapUniswap (UNI) $ 25.37 4.33%
  • binance-usdBinance USD (BUSD) $ 1.00 0.05%
  • litecoinLitecoin (LTC) $ 183.03 1.28%
  • avalanche-2Avalanche (AVAX) $ 54.85 4.26%
  • chainlinkChainlink (LINK) $ 25.72 4.01%
  • bitcoin-cashBitcoin Cash (BCH) $ 608.46 0.82%
  • algorandAlgorand (ALGO) $ 1.73 5.95%
  • matic-networkPolygon (MATIC) $ 1.49 0.53%
  • stellarStellar (XLM) $ 0.384279 0.48%
  • cosmosCosmos (ATOM) $ 31.69 4.28%
  • vechainVeChain (VET) $ 0.118824 5.84%
  • internet-computerInternet Computer (ICP) $ 42.88 3.63%
  • axie-infinityAxie Infinity (AXS) $ 120.48 5.11%
  • filecoinFilecoin (FIL) $ 62.49 2.9%
  • tronTRON (TRX) $ 0.098318 3.32%
  • daiDai (DAI) $ 1.00 0.17%
  • ethereum-classicEthereum Classic (ETC) $ 52.37 2.38%
  • ftx-tokenFTX Token (FTT) $ 55.04 3.01%
  • compound-ethercETH (CETH) $ 75.48 2.16%
  • theta-tokenTheta Network (THETA) $ 5.83 3.64%
  • fantomFantom (FTM) $ 2.21 3.79%
  • tezosTezos (XTZ) $ 6.47 4.96%
  • staked-etherLido Staked Ether (STETH) $ 3,774.86 1.6%
  • hedera-hashgraphHedera (HBAR) $ 0.354996 2.04%
  • crypto-com-chainCrypto.com Coin (CRO) $ 0.185660 2.04%
  • elrond-erd-2Elrond (EGLD) $ 232.10 3.33%
  • moneroMonero (XMR) $ 255.95 2.16%
  • pancakeswap-tokenPancakeSwap (CAKE) $ 19.76 0.54%
  • flowFlow (FLOW) $ 14.70 3.77%
  • eosEOS (EOS) $ 4.47 1.19%
  • okbOKB (OKB) $ 16.48 1.79%
  • cdaicDAI (CDAI) $ 0.021700 0.26%
  • klay-tokenKlaytn (KLAY) $ 1.62 3.38%
  • nearNear (NEAR) $ 7.75 1.12%
  • quant-networkQuant (QNT) $ 298.45 4.05%
  • aaveAave (AAVE) $ 295.54 4.79%
  • the-graphThe Graph (GRT) $ 0.766474 4%