The market capitalization of the tokens based on the ERC-20 standard has surpassed that of Ethereum driven by the growing popularity of DeFi services, Defiant New chief editor Camila Russo has said.
According to blockchain browser Etherscan, the market cap of the tokens based on the ERC-20 standard is $33B, while Ethereum's is $27B.
Therefore, the capitalization of the protocol-based currencies has exceeded that of the currency itself. Russo said:
"For the first time ever, the Ethereum economy is more valuable than ETH itself, the asset securing it."
It is worth mentioning that tokens based on the ERC-721 standard have not been included in the calculations.
The most popular Ethereum-based applications are DeFi services. As of July 14, the total capitalization of DeFi tokens amounts to $7.62B, while $2.41B in funds are locked in projects.
A large part of the capitalization of the ERC-20 protocol tokens is represented by the stablecoin Tether, which is mainly based on the Ethereum blockchain and is also experiencing a steady growth.
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