Ethereum based DeFi and Smart Contracts Empowering Ethereum

Ethereum based DeFi and Smart Contracts Empowering Ethereum


There is no doubt that Ethereum has become the biggest crypto currency now. Bitcoin might be on top and dominates more than Ethereum but if we are to look at services being provided then Ethereum will win. Bitcoin is just used as a currency but Ethereum is into smart contracts, and most Decentralized Finance are Ethereum based.

Facts Only

Numbers do not lie, if you check the number of transactions are increasing, due to a large number of ERC-20 Token running on Ethereum blockchain and therefore more Ethereum is used on transaction fees. You can not send your ERC-20 Tokens if you do not have Ethereum in your wallet, so the number of Ethereum being used is always on the rise.

Nowadays there is Token yield farming and Ethereum based yield farms are the largest e.g Aave(LEND). Even if you want to deposit your tokens in liquidity pools you should have ETH or Wrapped Ether (WETH), of-which most investors are now farming tokens so this will increase the demand of ETH.

Most Decentralized Finance are Ethereum based e.g, 1inch, Uniswap. Binance might be trying to penetrate the market but Ethereum is now dominating the markets and has the highest number of DeFi Dex and this moves the volumes of Ethereum and makes it more valuable.

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Aave 24hour volume up by 28.45% and Capitalization up by 2.25% &price up by 2.23%

Maker 24hour volume up by 21.25% and Capitalization up by 1.24% & price up by 1.24%

Uniswap 24hour volume up by 19.43% and Capitalization up by 1.51% & price up by 1.50%

Bitcoin 24hour volume down by 0.36% and Capitalization down by 0.51% & price down by 0.50%

Conclusion

Ethereum is doing great and is going to be the largest in the industry. If you see when Bitcoin fell and the rest, ETH fell but at times it proves to be a bit resistant and always try to push up and at times when Bitcoin is red ETH will be green. Today its 24hour transactions were up by 1.75% whereas Bitcoin has recorded red volumes

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