The value of DeFi tokens and stablecoins represents almost 50% of the total value of the Ethereum blockchain, Ryan Selkis, CEO of the crypto analysis company Messari, said on July 17.
The value of tokens from DeFi projects and stablecoins is rapidly growing. Thus, the value of these represents almost half of the total value of the Ethereum blockchain.
The 5th anniversary of the blockchain of the second largest crypto by market cap will be in less than 2 weeks.
It seems ETH is losing ground to the DeFi projects tokens and the stablecoins that coexist with the currency in its blockchain. According to Selkis, the market cap of all ERC-20 tokens has skyrocketed to $25.6B, which represents about 49% of the $52.6B in assets the blockchain has.
Selkis assures Ethereum has lost ground against DeFi tokens and stablecoins mainly due to Crypto.com (CRO) and Chainlink (LINK) tokens.
In particular, the price of the Chainlink DeFi token has jumped by 370% so far this year, which has helped it sneak into the 9th place in CoinMarketCap's ranking of the world's largest cryptos, while the market cap of CRO has also grown from $426M in January to $2.6B today.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.