Ethereum’s financial performance is improving as the transfer value and market capitalization of ERC-20 continue to increase.
A study by network analysis platform Santiment showed that the market value of all ERC-20-based tokens altered Ethereum’s capitalization itself. He added that this is currently the highest difference in the ERC-20 market value compared to Ethereum.
The total market value of all current ERC-20 assets is $ 46.7 billion, while it is just over $ 41 billion at the time of writing.
There have been several short-term unrest this year, the longest of which occurred in July. Ethereum’s price increase in August pushed the market value up to more than $ 50 billion, but subsequent adjustments allowed ERC-20 tokens to override it again.
According to Tether’s Transparency Report, Tether captures a significant share of ERC-20 capital with approximately $ 8.9 billion, or 60% of the total USDT supply currently on the Ethereum network.
The growing popularity of DeFi’s increased profitability over the past few months has led to a number of new ERC-20 tokens entering the market, contributing to an overall capital increase.
DeFi and USDT stimulated Ethereum’s economic activity to the point that the seven-day adjusted average cost of transfer is now higher than Bitcoin for the first time since the start of 2018.
CoinMetrics Analytics reported that on September 5, that number had reached $ 3.08 billion converted to Ethereum, compared to $ 3.01 billion with Bitcoin.
The launch of passive earning opportunities for Ethereum holders, such as Yearn Finance’s YETH vault, has also boosted the network’s financial activity. Currently, there are 220,000 ETH closed at YETH, which is worth about $ 80 million at current rates, which is about 28% in return, according to Yearn statistics. SushiSwap has become one of the most popular DeFi protocols in recent times, which has led to an increase in Ethereum transmission costs and network fees.