- Ethereum hits new milestones in transfer value and ERC-20 market cap
- ERC-20 market cap differential on Ethereum hits new ATH
- The network’s economic metrics have surged recently
Ethereum News Today – Ethereum’s economic metrics have been rising as the transfer value and ERC-20 market cap on the network continues to build momentum. According to data published by Santiment, the on-chain analytics platform, the total market cap for all the ERC-20 based tokens on the Ethereum network has surpassed that of Ethereum.
Santiment reportedly added that ERC-20 is currently holding an ATHt market cap differential over Ethereum. The overall market capitalization for the current number of ERC-20 assets has reached $46.7 billion. Meanwhile, that of Ethereum is just a little over $41 billion at press time.
Ethereum’s Surge Back in August Increased its Market Cap to $50 billion
There have reportedly been a few, yet similar, brief ‘flipping’ in 2020 with the longest one sustained occurring in July. The price surge posted by Ethereum in August increased the token’s overall market cap to $50 billion. However, a subsequent correction has caused the market cap of ERC-20 tokens to rise above it once more.
According to the Tether Transparency report, Tether reportedly accounts for a huge share of the market cap of ERC-20 coins with a whopping $8.9 billion (that is 60% of the total supply of USDT on the Ethereum network). The popularity of DeFi yield farming has surged in the past few months which has triggered new ERC-20 coming into the markets. This has contributed to the overall market cap increase.
The Economic Activity on Ethereum Has Been Driven By Economic Activity
The economic activity on the Ethereum network has been driven by the hike in DeFi (decentralized finance) and Tether’s USDT. These factors have improved economic activity on Ethereum to an extent that the regular seven days adjusted transfer value has become higher than that of Bitcoin for the first time since the beginning of 2018.
According to data by CoinMetrics on September 5, the above-mentioned figure reached a whopping $3.08 billion transferred on the Ethereum network compared to the $3.01 billion that is being used on Bitcoin. The initiation of passive earning options for ETH holders, including Yearn Finance’s yETH vault added value to economic activity on the Ethereum network. There’s currently more than 220,000 ETH (which is worth $80 million at the current rate), locked in the yETH vault. The 220,000 ETH on the yETH vault has gained 28% according to data provided by Yearn. Another popular DeFi protocol that has driven Ethereum’s economic activity is SushiSwap. SushiSwap has driven Ethereum’s transfer value and taken the network’s transaction fees higher.