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As the DeFi craze continues to hit, is Ethereum's Hodler still around?



When it comes to the cryptocurrency market, the past few months have shown the importance of Ethereum in cryptocurrencies. With the massive growth of DeFi in 2020, ETH has gained well in many ways.

And a few days ago we saw that the transfer Gas fee in the Ethereum network reached a record amount. According to the data provider Etherscan, this also witnessed the huge traffic on its website, and this development is consistent with the ICO frenzy in 2017. Very similar.

While ETH still has a long way to go to challenge Bitcoin’s market capitalization and dominance, its strong growth is due to DeFi and the upcoming ETH 2.0 shift. As Ethereum use cases diversify, users and investors in the ecosystem are also benefiting.

Bloomberg: El Salvador's bond investors hurt as bitcoin law takes effect: Sept. 10 News El Salvador's move to accept bitcoin angered bond investors as investors signaled uncertainty in the emerging economy. Treasury yields soared. Bloomberg recently reported that the yield curve on El Salvador’s bonds has recently inverted, meaning that short-dated bonds are now yielding more than the instrument’s yield to maturity: “This is generally considered a bad sign because it means As investors view short-term bonds as riskier, most yield curves will slope upward given the inherent uncertainty in long-term pricing." ” fell sharply, and he described the market behavior as “an unwelcome sign that the widespread use of bitcoin could have a significant impact on this emerging country.” (Cointelegraph) [2021/9/10 23:14:48]

As Bitcoin hits new highs, exchanges such as Binance and Gemini have technical problems: Decrypt issued a document saying that as Bitcoin broke through $40,000, Binance, Kraken, Coinbase, and Gemini all experienced technical problems. Coinbase appears to be the hardest hit, with pages on isitdownrightnow now flooded with user comments about not being able to access the service. Binance CEO Changpeng Zhao said that the exchange encountered a small Websocket problem. There is currently no word on whether Binance has made any progress. The Kraken support page shows that all affected components have returned to a fully operational state. Additionally, the Gemini support page states that the company's systems are "currently experiencing degraded performance." [2021/1/8 16:41:54]

According to the latest network data provided by Glassnode, the Ethereum balance on centralized exchanges has dropped significantly in the past few weeks. In fact, the above data shows that the Ethereum transaction balance has dropped from 18,750K to around 1,675K. At the time of writing, the balance of Ethereum exchanges has dropped to the lowest level in 2020.

The latest report shows that as the use of cash declines, Norway may launch a central bank cryptocurrency: According to coindesk, as the use of cash in Norway declines, the country may issue a central bank cryptocurrency (CBDC). With this possibility in mind, a Norges Bank working group released a report titled “Central Bank Cryptocurrencies.” The report explains that as the country's citizens begin to use less physical forms of money, the central bank must consider "significant new ways to ensure the efficiency and robustness of the payment system". The new report examines the various characteristics and purposes of CBDCs and suggests a number of aspects worthy of further consideration, including CBDCs as an alternative to private bank deposits (in addition to cash), as a backup solution to standard electronic payment systems, and to provide suitable legal tender as a supplement to cash. The report described blockchain-based systems as "immature," and went on to explain that the preferred model for CBDCs is "account-based" or "value-based." The authors of the report concluded that it is still too early for Norges Bank to make a decision on whether it should be the first to launch a central bank cryptocurrency. At the same time, the working group didn't see any issues that led them to rule out the idea. [2018/5/24]

While the drop may come as a shock to some, it also speaks to some hope in the cryptocurrency market, with fewer users now holding their ether in transactions. Instead, they moved ETH to their own wallets or cold wallets, which is often associated with increased holding sentiment.

The price of the cryptocurrency could also be positively impacted as more users hold on to Ethereum.

One of the reasons why many users are inclined to do so may be due to its recent performance limitations, as well as its growth momentum from the thriving DeFi ecosystem based on its platform.

In fact, it’s interesting to note that Ethereum addresses with a balance greater than 10 also saw a significant increase in the same timeframe. In the last three months alone, such addresses have grown from 275K to 283K, according to web data provider Glassnode.

As mentioned above, one of the main reasons for the decline in Ethereum transaction volume stored on exchanges has to do with rising niche sentiment within the Ethereum community.

This coincides with a rise in ether locked in smart contracts, as investors seek to generate bigger returns as ether consolidates on the price charts, and bodes well for the cryptocurrency's ecosystem.


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