Ethereum Price: $190.07
Ethereum Price (BTC): 0.018731BTC
Market Cap: $20.48B
ETH Network Dominance*: 71.49%
7 Day Candle**: $182.28 / $195.81 / $173.97 / $190.07
ETH 2 is without a doubt the most significant development underway in the blockchain space today. Its implementation will see the world’s second largest blockchain scale upwards of 1000x, attracting an unprecedented level of development and commercial interest that has never been seen before in the industry. That mission received a major boost last week when a 7-way interoperability test across ETH 2 clients completed successfully.
Not only was the achievement a great step towards ETH 2, it was also a major step for decentralization – the implementation of 7 different clients is far greater than what is seen across other blockchains today. Bitcoin is largely reliant on the Bitcoin Core client while Ethereum relies on the Go Ethereum and Parity clients. Additional clients, written in different programming languages, will increase decentralization (read security) at the blockchain’s lowest layers.
Back to ETH 1 and the network is under strain again. The total amount of daily gas used is now at an all time high – largely coming from USDT’s increasing involvement in Ethereum (the ratio of USDT BTC to USDT ETH now stands at 1.09:1), racking up a 30 day gas bill of nearly half a million dollars and as a result, an increase in the network’s gas limit (and therefore network capacity) is being considered. The total transaction count on Ethereum also continues to outpace that of Bitcoin with 750K daily transactions compared to 300K.
Coinbase also made a major announcement about their contributions to the ever-expanding DeFi space with the launch of the USDC Bootstrap Fund. The fund will provide liquidity to DeFi protocols, allowing their users to gain greater access to stable US dollars on the Ethereum network. In Coinbase’s first round of investments, the company added 1 million USDC to both the Compound and dYdX protocols, allowing users of these protocols to borrow the currency with the use of crypto-collateral and the payment of a variable interest rate.
DeFi also made mainstream headlines last week following a $20M bond that was issued and settled by Spanish banking giant, Santander. The bank, which used the public Ethereum chain, covered both issuance and settlement using Ethereum ERC-20 tokens (SUSD and their own ERC-20 bond token). More details about the transaction were posted to Twitter by the bank’s Head of Digital Investment Banking, John Whelan.
In other news: Ethereum continues to trade at an absurd discount against BTC.
– Nick, Owner EthereumPrice.org
* calculated as: (ETH Market Cap / Ethereum Network Market Cap)
** open / high / low / close