Many Ethereum metrics hit record highs in 2020
The only lagging behind on this list was the price of ETH
Bullish factors for Ethereum were the DeFi boom and the launch of ETH2.0
Ethereum Price Breaks New Record! – Where does this Ethereum Rally end?? – Blank2Bank
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As the founder of Mythos Capital noted, this year Ethereum has updated many all-time highs on a number of parameters – apart from price.
In 2020, the crypto industry has developed at a rapid pace. This affected both blockchain technology and cryptocurrencies. The bitcoin rate has moved this year to historic highs. An unprecedented hype has erupted in the decentralized finance (DeFi) segment, leading to the emergence of a new fashion trend – profitable farming.
A good year for Ethereum
During 2020, the total value of assets locked in DeFi protocols (TVL) grew impressively from under $ 1 billion and eventually exceeded $ 14 billion. The vast majority of such decentralized applications were created on the basis of the Ethereum blockchain, so the outgoing year was for the platform Ethereum is an important test of its usability and scalability.
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Ryan Sean Adams, founder of Mythos Capital, said on Twitter:
“This year, all metrics in the Ethereum ecosystem hit record highs – with the exception of the ETH rate.”
Everything on Ethereum hit ATH this yr except price:
ETH open interest
DeFi Decentralized finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More Users
Total locked Value
BTC on Ethereum
ETH in Greyscale
Stablecoins on Ethereum
Price is next.
– Ryan Sean Adams – rsa.eth (@RyanSAdams) December 23, 2020
In particular, he cited as an example such characteristics of the ecosystem as:
- open interest on ETH,
- number of users in the DeFi segment,
- total blocked assets,
- the volume of bitcoins tokenized on the Ethereum blockchain (wrapped Bitcoin or WBTC),
- the amount of ETH owned by Grayscale,
- Ethereum-based stablecoins, and
- number of ETH staked.
All of these items were marked with green checkmarks by Adams. The only red cross was placed in front of the “ETH Price”.
The best is, of course, to come?
In addition to the boom in the DeFi sector, another significant event for the entire Ethereum ecosystem this year was the long-awaited launch on December 1 of the zero phase of the updated Ethereum 2.0 protocol – the Beaconchain network..
Read also: The first block has been mined on the Ethereum 2.0 network. We tell you why it is important
According to the developers, this will have to solve the existing problems of speed and scalability of the network by moving it from the Proof-of-Work (PoW) consensus algorithm to a more effective Proof-of-Stake (PoS).
This algorithm allows everyone who transfers a certain amount of ETH to a deposit smart contract to become network validators. This approach differs significantly from the PoW mechanism, which requires high consumption of electricity and computer power. Currently, more than 1.5% of the total supply of Ethereum coins is blocked on the ETH 2.0 contract.
And meanwhile, unlike Bitcoin, the Ethereum rate continues to stay this year away from its former record highs. Loyal supporters of this coin can only hope that a healthy and growing Ethereum ecosystem will sooner or later have a beneficial effect on the price of ETH..
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