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Tag: Ethereum

  • Restaking Takes Center Stage In Ethereum (ETH) Staking Landscape

    Restaking Takes Center Stage In Ethereum (ETH) Staking Landscape

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    In recent months, the Ethereum staking landscape has witnessed significant transformations, prompting a shift in investor preferences and reshaping the sector’s dynamics. 

    According to on-chain data researcher and strategist at 21Shares, Tom Wan, key metrics indicate a notable change in the approach towards Ethereum staking, with restaking gaining prominence as a preferred method.

    Ethereum Restaking Landscape

    Wan’s observations, shared on the social media platform X (formerly Twitter), highlight a steady increase in ETH staking deposits from restaking, rising from 10% to 60% since 2024. 

    Restaking can be accomplished in two primary ways: through ETH natively restaked or by utilizing a liquid staking token (LST). By staking their ETH, users secure additional applications known as Actively Validated Services (AVS), which yield additional staking rewards.

    A significant player in the staking landscape is EigenLayer, which has emerged as the second-largest decentralized finance (DeFi) protocol on the Ethereum network. 

    EigenLayer has achieved a significant milestone with the release of EigenDA, its data availability Actively Validated Service (AVS), on the mainnet. 

    According to a research report by Kairos, this launch marks the beginning of a new era in restaking, where liquid restaking tokens (LRTs) will become the dominant way for restakers to do business. 

    Currently, 73% of all deposits on EigenLayer are made through liquid restaking tokens. The report highlights that the growth rate of LRT deposits has been significant, increasing by over 13,800% in less than four months, from approximately $71.74 million on December 1, 2023, to $10 billion on April 9, 2024, demonstrating the growing confidence in EigenLayer’s approach to restaking and contributing to the shifting tides in Ethereum’s staking landscape. 

    According to Wan, the rise of liquid restaking protocols has also contributed to a decline in the dominance of Lido (LDO), a staking service solution for Solana (SOL), Ethereum, and Terra (LUNC). 

    On the other hand, Etherfi has emerged as the second-largest stETH withdrawer, with 108,000 stETH withdrawn through the first quarter of 2024. This trend exemplifies the increasing popularity of liquid restaking protocols, allowing stakers to withdraw and actively utilize their staked assets while still earning rewards.

    Ether.fi Set To Surpass Binance In ETH Staking

    Data provided by Wan also shows a decline in the dominance of centralized exchanges (CEXs) in ETH staking. Since 2024, CEXs have seen their share of staking decline from 29.7% to 25.8%, a significant drop of 3.7%. 

    As a result, the decentralized staking provider Kiln Finance has surpassed Binance and become the third-largest entity in terms of ETH staking. With Ether.fi poised to follow suit, it is expected to surpass Binance’s position shortly, according to the researcher. 

    In short, these developments signify a paradigm shift in the Ethereum staking landscape, with re-staking methodologies gaining traction and decentralized protocols like EigenLayer and Ether.fi challenging the dominance of established players. 

    Ethereum
    The 1-D chart shows ETH’s price volatility for the past few days. Source: ETHUSD on TradingView.com

    As of this writing, ETH’s price stands at $3,500. It has been exhibiting a sideways trading pattern over the past 24 hours, remaining relatively stable compared to yesterday.

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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  • Ethereum Whales Signal Bullish Run With $40 Million Bet

    Ethereum Whales Signal Bullish Run With $40 Million Bet

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    Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, is experiencing a surge in optimism in the cryptocurrency market. The emergence of two new whales, according to crypto tracking platform Spot On Chain, further adds to the bullish sentiment surrounding Ethereum.

    These whales have collectively withdrawn a substantial amount of ETH, totaling nearly 11,700 coins, worth approximately $40 million, from leading cryptocurrency exchange Binance.

    Their significant purchase, made when ETH was priced around $3,450, indicates their confidence in the potential for further price appreciation.

    Ethereum Trading Volume Soars

    The cryptocurrency market is experiencing a surge in optimism, fueled by a strong performance from Ethereum (ETH) and the looming Bitcoin halving event.

    ETH has seen its price jump nearly 10% in the past 24 hours, reaching $3,679 as of today. This impressive gain is accompanied by a significant rise in trading volume, which has spiked by nearly 70%, surpassing $15 billion.

    Source: Coingecko

    Meanwhile, Ethereum’s impressive rally is not an isolated event. The broader cryptocurrency market is experiencing a period of bullish momentum. Bitcoin, the undisputed leader, has also witnessed a significant surge, climbing above the $72,000 mark. This upward trend is largely attributed to the anticipation surrounding the upcoming Bitcoin halving, scheduled for approximately 11 days from now.

    The Bitcoin halving is a pre-programmed event that occurs roughly every four years. It reduces the number of new Bitcoins awarded to miners for verifying transactions on the network.

    Historically, these halving events have been followed by substantial price increases for Bitcoin, as the reduced supply often leads to increased demand and scarcity. Investors are hoping for a similar outcome this time around, contributing to the current marketwide rally.

    Renewed Optimism Grips Crypto Investors

    The recent surge in prices and trading volumes across the cryptocurrency market suggests renewed optimism and bullish sentiment among investors. Analysts and experts are anticipating further price gains for both Ethereum and Bitcoin in the coming days and weeks.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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  • Ancient Ethereum Whale With Over 12,000 ETH Creates Noise

    Ancient Ethereum Whale With Over 12,000 ETH Creates Noise

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    The Ethereum market is buzzing after a long-dormant “whale” – a major investor holding a vast amount of cryptocurrency – resurfaced and transferred a significant amount of ETH to the Kraken exchange. This move has sparked speculation about a potential price drop, but wider market trends suggest a more complex picture.

    On-chain analytics firm Spot On Chain has disclosed that the investor, who participated in Ethereum’s Initial Coin Offering (ICO) in 2014, recently deposited 1,069 ETH, valued at roughly $3.56 million, to Kraken.

    Traditionally, deposits to exchanges are seen as a sign of intent to sell, potentially putting downward pressure on the price of ETH.

    This whale’s activity is particularly noteworthy because of their participation in the Ethereum ICO. Back in 2014, they acquired 12,566 ETH at a meager $0.30 per token. The recent transfer represents just a fraction of their holdings, but the sale price – over $3,300 per ETH – signifies a massive profit for the early investor.

    Ethereum Market Shows Signs Of Accumulation

    While the whale’s move might suggest a potential sell-off, on-chain data reveals a broader trend that could offset its impact. According to IntoTheBlock, a blockchain analytics company, the past quarter witnessed a significant outflow of ETH from cryptocurrency exchanges, totaling a staggering $4 billion.

    This movement suggests that many investors are accumulating ETH, potentially anticipating future price increases.

    Ether market cap currently at $409 billion. Chart: TradingView.com

    Dencun Upgrade Fuels Ethereum Network Activity

    The news comes on the heels of Ethereum’s successful Dencun upgrade, implemented in March 2024. The upgrade aimed to address the network’s scalability issues, specifically targeting high transaction fees and slow processing times.

    Early signs appear positive, with IntoTheBlock reporting a surge in activity on the main optimistic rollups (Layer 2 scaling solutions) following the upgrade.

    Weekly transaction volume reached highs of 32 million, indicating increased network usage. While gas prices have risen recently, they were initially significantly lower on many Layer 2 solutions after the upgrade.

    Market Uncertainty Remains

    The combined effect of the whale’s sale, the wider accumulation trend, and the Dencun upgrade’s impact on network activity make it difficult to predict the short-term direction of the Ethereum market.

    While the whale’s sale could trigger a price dip, the broader accumulation trend suggests underlying bullish sentiment. The Dencun upgrade’s success in reducing transaction fees and increasing network usage could further bolster investor confidence.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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  • Ripple Plans to Launch USD-Pegged Stablecoin, Expanding Token to XRP and Ethereum Ecosystems

    Ripple Plans to Launch USD-Pegged Stablecoin, Expanding Token to XRP and Ethereum Ecosystems

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    Ripple Plans to Launch USD-Pegged Stablecoin, Expanding Token to XRP and Ethereum EcosystemsBlockchain solutions company Ripple has unveiled its strategy to launch a stablecoin pegged to the U.S. dollar, aiming to boost liquidity on the XRP Ledger. Ripple Set to Introduce U.S. Dollar-Linked Stablecoin, Aiming for Wider Crypto Adoption In a statement released on Thursday, Ripple revealed its intention to introduce a stablecoin token linked to the […]

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  • LSE Opens Doors to Bitcoin and Ethereum ETN Applications

    LSE Opens Doors to Bitcoin and Ethereum ETN Applications

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    In a follow-up to the Stock Exchange Notice issued on March
    11, 2024, the London Stock Exchange (LSE) has disclosed its intention to
    commence accepting applications for the admission to trading of Bitcoin and
    Ethereum Crypto Exchange-Traded Notes (ETNs) from April 8, 2024.

    The Exchange’s decision is contingent upon the approval of
    the base prospectuses by the Financial Conduct Authority (FCA), which is
    necessary for listing Crypto ETNs on the Main Market and the Official List of
    the FCA.
    Pending regulatory approval, the proposed date for the commencement of trading
    for these Crypto ETN securities is slated for May 28, 2024.

    The LSE has strategically opted to launch the market for
    Crypto ETNs on May 28 to facilitate the maximum participation of issuers on the
    inaugural trading day. This choice of date factors in the necessity for issuers
    to meet the eligibility criteria outlined in the Crypto ETN factsheet.
    Additionally, it allows ample time for issuers planning to list securities on
    the launch date to compile the requisite documentation to establish a Crypto
    ETN program, including obtaining FCA approval for the base prospectus.

    Compliance Crucial: Standards for Participation in LSE’s
    Crypto ETN Debut

    Issuers intending to establish a Crypto ETN program for
    listing securities on the Main Market on May 28, 2024, are required to furnish
    the Exchange with necessary information no later than April 15, 2024. This
    includes a detailed letter outlining how the issuer and/or the Crypto ETN meet
    the stipulated requirements as per the Crypto ETN factsheet, along with a draft
    of the base prospectus indicating the inclusion of disclosures about
    these requirements.

    However, issuers must adhere to Admission and Disclosure
    Standards to partake in the first day of trading of Crypto ETNs on May 28,
    2024. Failure to satisfy these standards will result in exclusion from
    participation. Specifically, issuers will be ineligible if they fail to
    demonstrate compliance with the requirements outlined in the Crypto ETN
    factsheet, submit their application for admission post the April 15, 2024
    deadline, or if their base prospectus fails to secure FCA approval by midday on
    May 22, 2024.

    In a follow-up to the Stock Exchange Notice issued on March
    11, 2024, the London Stock Exchange (LSE) has disclosed its intention to
    commence accepting applications for the admission to trading of Bitcoin and
    Ethereum Crypto Exchange-Traded Notes (ETNs) from April 8, 2024.

    The Exchange’s decision is contingent upon the approval of
    the base prospectuses by the Financial Conduct Authority (FCA), which is
    necessary for listing Crypto ETNs on the Main Market and the Official List of
    the FCA.
    Pending regulatory approval, the proposed date for the commencement of trading
    for these Crypto ETN securities is slated for May 28, 2024.

    The LSE has strategically opted to launch the market for
    Crypto ETNs on May 28 to facilitate the maximum participation of issuers on the
    inaugural trading day. This choice of date factors in the necessity for issuers
    to meet the eligibility criteria outlined in the Crypto ETN factsheet.
    Additionally, it allows ample time for issuers planning to list securities on
    the launch date to compile the requisite documentation to establish a Crypto
    ETN program, including obtaining FCA approval for the base prospectus.

    Compliance Crucial: Standards for Participation in LSE’s
    Crypto ETN Debut

    Issuers intending to establish a Crypto ETN program for
    listing securities on the Main Market on May 28, 2024, are required to furnish
    the Exchange with necessary information no later than April 15, 2024. This
    includes a detailed letter outlining how the issuer and/or the Crypto ETN meet
    the stipulated requirements as per the Crypto ETN factsheet, along with a draft
    of the base prospectus indicating the inclusion of disclosures about
    these requirements.

    However, issuers must adhere to Admission and Disclosure
    Standards to partake in the first day of trading of Crypto ETNs on May 28,
    2024. Failure to satisfy these standards will result in exclusion from
    participation. Specifically, issuers will be ineligible if they fail to
    demonstrate compliance with the requirements outlined in the Crypto ETN
    factsheet, submit their application for admission post the April 15, 2024
    deadline, or if their base prospectus fails to secure FCA approval by midday on
    May 22, 2024.



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  • Ethereum Price Could Regain Strength If It Clears This Key Hurdle

    Ethereum Price Could Regain Strength If It Clears This Key Hurdle

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    Ethereum price is attempting a fresh increase wave above the $3,400 zone. ETH must clear the $3,580 resistance to continue higher in the near term.

    • Ethereum is holding gains above the $3,250 support zone.
    • The price is trading above $3,400 and the 100-hourly Simple Moving Average.
    • There was a break above a key bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could continue to rise if it settles above the $3,500 resistance zone.

    Ethereum Price Eyes Fresh Increase

    Ethereum price remained stable above the $3,250 support zone. ETH formed a base and started a fresh increase above the $3,350 resistance level, like Bitcoin.

    ETH climbed above the $3,400 resistance zone. There was a move above the 50% Fib retracement level of the downward move from the $3,587 swing high to the $3,250 low. There was a break above a key bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD.

    Ethereum is now trading above $3,400 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,500 level. It is near the 76.4% Fib retracement level of the downward move from the $3,587 swing high to the $3,250 low.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    The first major resistance is near the $3,550 level. The next key resistance sits at $3,580, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,720 level. If there is a move above the $3,720 resistance, Ethereum could even climb toward the $3,880 resistance. Any more gains might call for a test of $4,000.

    Another Decline In ETH?

    If Ethereum fails to clear the $3,500 resistance, it could start another decline. Initial support on the downside is near the $3,400 level.

    The first major support is near the $3,250 zone. The next key support could be the $3,060 zone. A clear move below the $3,060 support might send the price toward $3,000. Any more losses might send the price toward the $2,880 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now above the 50 level.

    Major Support Level – $3,400

    Major Resistance Level – $3,580

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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  • March Sees Nearly $1 Billion In Ethereum Netflow To Centralized Exchanges

    March Sees Nearly $1 Billion In Ethereum Netflow To Centralized Exchanges

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    The price of Ethereum has not exactly lived up to its promise as the month has gone on, despite a stellar start to the month. While this bearish pressure has been widespread in the general cryptocurrency market, regulation uncertainty has been an additional concern for ETH, igniting a negative sentiment around the “king of altcoins.”

    Interestingly, the latest on-chain revelation shows a substantial amount of Ethereum has made its way to exchanges so far in March, suggesting that investors might be losing confidence in the long-term promise of the cryptocurrency.

    Are Investors Losing Confidence In Ethereum?

    According to data from CryptoQuant, more than $913 million has been recorded in net ETH transfers to centralized exchanges so far in March. This on-chain information was revealed via a quicktake post on the data analytics platform.

    This net fund movement represents the largest volume of Ethereum transferred to centralized exchanges in a single month since June 2022. Even though March is still a week from being over, this exchange inflow appears to be a complete deviation from the pattern observed over the past few months.

    Ethereum 

    Chart showing total monthly netflow of ETH on centralized exchanges | Sources: CryptoQuant

    As shown in the chart above, October 2023 was the last time cryptocurrency exchanges witnessed a positive net flow. It is worth noting that there was significant movement of Ethereum tokens out of the centralized platforms in subsequent months up until this month.

    Meanwhile, a separate data point that supports the massive exodus of ETH to centralized exchanges has come to light. Popular crypto analyst Ali Martinez revealed on X nearly 420,000 Ethereum tokens (equivalent to $1.47 billion) have been transferred to cryptocurrency exchanges in the past three weeks.

    The flow of large amounts of cryptocurrency to centralized exchanges is often considered a bearish sign, as it can be an indication that investors may be willing to sell their assets. Ultimately, this can put downward pressure on the cryptocurrency’s price.

    Substantial fund movements to trading platforms could also represent a shift in investor sentiment. It could be a sign that investors are losing faith in a particular asset (ETH, in this case).

    Moreover, the recent regulatory headwind surrounding Ethereum specifically accentuates this hypothesis.  According to the latest report, the United States Securities and Exchange Commission is considering a probe to classify the ETH token as a security.

    ETH Price

    As of this writing, the Ethereum token is valued at $3,343, reflecting a 4% price decline over the past /4 hours. According to data from CoinGecko, ETH is down by 11% in the past week.

    Ethereum

    Ethereum loses the $3,400 level again on the daily timeframe | Source: ETHUSDT chart on TradingView

    Featured image from Unsplash, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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  • Nomura invests in Ethereum money market protocol

    Nomura invests in Ethereum money market protocol

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    Japan-based banking giant Nomura, announced today that its digital assets subsidiary, Laser Digital, has made a strategic investment in Infinity, a non-custodial interest rate protocol built on Ethereum.

    Infinity’s wholesale exchange, the first of several planned infrastructures, provides inter-exchange clearing, fixed and floating rate markets, as well as enterprise-grade risk management utilizing hybrid on-chain/off-chain infrastructures that deliver transaction efficiency, security, and scalability.

    Infinity is a pioneering interest rate protocol that forms the basis for benchmark rates, institutional-grade lending, borrowing, and risk management in DeFi. The money market exchange protocol was founded by ex-Morgan Stanley Head of Structuring, Kevin Lepsoe.

    “Infinity is building critical infrastructure for DeFi, and its protocol enabling price discovery and management of risk within DeFi is transformative for institutions, Infinity’s groundwork paves the way for institutional flows on-chain, new levels of rates, and risk innovation, and we are keen to support their advances in the hybrid finance space.”
    – Olivier Dang,  Head of Ventures at Laser Digital

    Laser Digital was recently unveiled by Nomura to spearhead its digital asset ambitions and is chaired by Steve Ashley, who previously led Nomura’s wholesale division, with Dr. Jez Mohideen as its CEO. Headquartered in Switzerland, Laser Digital’s investments are focused on DeFi, centralized finance (CeFi), web3, and blockchain infrastructure.

    The investment comes as the Bank of International Settlements (BIS) published guidelines for crypto exposures in December 2022, with bank-prescribed risk weightings for tokenized assets to be treated on par 1:1 with their analog counterparts. The guidelines for banks come into effect on 1 January 2025.

    With USD $300 trillion of credit securities outstanding and multiples of that in the loan, derivative, and equity markets, the new guidelines portend a major wave of tokenization across financial and real assets.

    Presently in Beta, the Inifinity mainnet is scheduled to launch by the end of Q2 2023.

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  • Ethereum Transaction Fees Near Six-Month Low Amid Declining Prices

    Ethereum Transaction Fees Near Six-Month Low Amid Declining Prices

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    Ethereum gas prices have been declining for a while now. It had risen to its all-time high back in 2021 when the bull market was in full bloom. It then continued to maintain on the high spike, spiking at various intervals to high points. At its highest, average ETH gas fees were as high as $69. However, with the recent downtrend and the market losing momentum, the gas fees have crumbled and the recent decline has seen its near six-month lows.

    Ethereum Fees Are Down

    Ethereum gas fees for the last three months showed a consistent downtrend that saw average gas fees decline as low as $5.98 in early March. This had been the lowest that gas fees had been in seven months at this point. However, a spike in gas fees in early April would quickly put an end to this sending gas fees as high as $43 once more. This would prove to be only temporary given that the sharp downtrend that followed has sent ETH gas fees to plummet towards six-month lows.

    Related Reading | DeFi Stablecoin Platform Beanstalk Suffers ~$80M Hack

    As of Monday, Ethereum gas fees had declined as low as $8.78 on average. It represented a 76$% drop from its April high to put it in levels recorded in early March. The drop in ETH fees has also translated to a drop in the fees of Layer 2 rollups which boast significantly lesser fees than it costs to transact on the main network. 

    The lowest recorded fee rate had dropped to as low as $0.03 per transaction on Sunday recorded on Metis Network. Others like Loopring and Zksync had seen transaction fees slide to as low as $0.05.

    Bitcoin fees had also fallen and the average transaction fee as of early Monday sat at $1.04.

    Ethereum price chart from TradingView.com

    ETH On The Charts

    The current downtrend seems to be prominent in not just the transaction fees but the price of the digital asset. Ethereum price had crashed below $3,000 in the early hours of Monday, and while small recoveries were made, various dips saw the digital asset touch the $2,800 price range before the opening of the markets on Monday.

    Related Reading | TA: Ethereum Slides Below 3K, Why Bears Could Aim $2.5K

    With selloffs rocking the market, indicators had turned inherently bullish for the digital asset, skewing completely in favor of the sellers. After breaking the $3,000 mark, the next major support level now lies at $2,900 although bears continue their efforts to drag it down lower. 

    ETH has now fallen below the 50-day moving average. This puts the short-term forecasts of the cryptocurrency right in the negative for the majority of traders, and the long-term outlook is not looking good either. The digital asset is trading at $2,909 at the time of this writing.

    Featured image from Shrimpy Academy, chart from TradingView.com

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  • How Cosmos Could Outgrow Ethereum, Making The Case

    How Cosmos Could Outgrow Ethereum, Making The Case

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    In a couple of months, Ethereum should fully deploy its Proof-of-Stake (PoS) capabilities with “The Merge”. The network continues to dominate the decentralized finance (DeFi) and non-fungible token (NFT) sector, some of the most important innovative trends in the crypto industry.

    Related Reading | The Last Time This Bitcoin Indicator Turned Bullish It Saw a 65% Hike, Will It Happen Again?

    At the time of writing, Ethereum trades at $3,200 with a 6% loss in the last 24-hours.

    Ethereum ETH ETHUSD
    ETH with moderate losses on the 4-hour chart. Source: ETHUSD Tradingview

    ETH’s spot as the blockchain holding popular sector continues to be put into questioning as the “Ethereum Killers” gain market share. Cosmos and its ecosystem have been attracting attention as Terra and Osmosis become more popular.

    Recent data posted by monitor Token Terminal suggest Ethereum’s daily protocol revenue has been migrating towards Terra (LUNA) and Avalanche (AVAX). As seen below, this metric saw an increment back in October 2021.

    ETH’s daily protocol revenue peaked in November that year and began a downside trend from around $80 million to below $20 million. Token Terminal noted the following on this trend and the impact of the upcoming “Merge” on stopping it:

    And the past 90 days the rate of change in revenues is also slowing. AVAX, Luna and some other protocols are taking market share! The merger may flip this trend.

    Ethereum ETH ETHUSD Cosmos
    Source: Token Terminal via Twitter

    In that sense, Token Terminal wonders if Cosmos could become the fastest growing blockchain and outperform Ethereum on these terms. In favor of this thesis, the monitor pointed out the explosion in the Cosmos ecosystem and the time it has taken for it to reach its current adoption levels. Token Terminal said:

    (…) what are the odds of Cosmos eventually outgrowing Ethereum? Just consider how long it has taken for L2s to go live versus the pace at which new IBC-enabled chains are going live.

    Ethereum To Keep Its Spot As King Of DeFi?

    Unlike Ethereum, the protocols build with Cosmos infrastructure (CosmosSDK) seem more flexible and with potentially fewer tradeoffs than if they were built on layer 1. By using this development kit, the project can create “a blockchain that’s dedicated to the asset exchange use case”.

    Token Terminal claims this provides the project with more optimization and with tools to improve upon Ethereum’s limitations. As seen below, the Cosmos ecosystem records important growth since 2020.

    Cosmos Ethereum ETH ETHUSD
    Source: Token Terminal via Twitter

    As NewsBTC reported, two experts believe the opposite. Former BitMEX CEO Arthur Hayes and Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone are bullish on Ethereum going into “The Merge”.

    Hayes believes that this will set ETH to a 5-digit price and re-take the market share it has lost from the “ETH Killers”. Hayes argues that Ethereum is still the most active blockchain in terms of development and this event will only accelerate this innovation process.

    Related Reading | TA: Ethereum Turns Red Below $3.4K, Why Upsides Might Be Capped

    McGlone agrees and predicted ETH’s price could reach similar levels around $10,000. The Bloomberg Intelligence expert believes Ethereum is becoming internet collateral with strong support for future appreciation of its DeFi and NFT dominance.

     



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