Ethereum is enormous. In terms of market capitalization, it may now be less than half the value of Bitcoin. However, here is a visual representation of some of the chain’s most important projects.
Protocols such as Uniswap, USDC coin, Metamask, Chainlink, and many others can be seen at first glance. Despite the fact that it practically provides the foundational grounds, Ether hasn’t accrued the explosive growth of these emerging projects over time.
Regardless, this could be one of Ethereum’s most distinguishing features.
“Never get caught up in a ruthless industry.”
If the token is not called ‘Bitcoin,’ the digital asset space is a cutthroat one. Survival is a sport. Tokens associated with Bitcoin (Bitcoin Cash, Bitcoin SV, Bitcoin Diamond, and so on) have also struggled to maintain consistent returns.
With narratives shifting with each cycle and new projects emerging to meet each new challenge, Ethereum has found a place in all of these industries.
Yes, since 2019, Ethereum has been at the forefront of all altcoins. Its ability to remain relevant throughout every cycle, on the other hand, is commendable. When the last few years are examined, it begins with DeFi’s decentralized finance, which introduced the sector to yield farming.
Now, 242 DeFi projects are listed on defiprime.com, with 220 built on Ethereum.
DeFi summer 2020 was the talk of the town, and by year’s end, another bullish cycle had begun. Following that, NFTs took over the scenes.
In the NFTs market, which protocol had the most active traders? OpenSea. What is the foundation of OpenSea? There are no points for guessing.
OpenSea monthly active traders from Ethereum reached an all-time high of 293,150 in October 2021, outnumbering September’s 281397 users by a few hundred.
Ethereum and Metaverse – ETH continues to make inroads
At the moment, one of the most talked-about developments is the Metaverse, in which Virtual and Augmented Reality are viewed as the future of social interaction and, potentially, commercial portals.
Decentralands’ MANA token has increased 400% in value in the last week as a result of Facebook’s rebranding announcement. Its address count also increased dramatically, surpassing previously high levels.
A domino effect may have contributed to the increase in Axie Infinity’s daily active addresses, which reached 939,427. Additionally, CryptoPunks experienced significant movement during the same timeframe. However, average sale prices have fallen by half since the beginning of 2021.
Regardless, the common thread that connects all of these is Ethereum.
Versatility is a strength.
To return to the previous point, Ether’s value has never experienced explosive growth as a result of all the projects developed on its chain. However, it has resulted in the blockchain being the most trustworthy in the market.
The versatility and consistency of Ethereum’s relevance are its greatest assets. Furthermore, consistent value appreciation can be considered more valuable than long-term growth.
While Bitcoin is the dominant player in the digital asset space, Ethereum has the potential to change the game entirely.