Leading cryptocurrency project Ethereum has seen its fundamentals on the rise lately, as decentralized finance crosses the $1-billion mark this month. That's big news for the project, because Ethereum's native currency, Ether, accounts for about 70% of that total.<\/p>\n
In addition, the project is gainingmomentum around its ETH 2.0initiativeand it could get a boost from a major move bythe big U.S. bankJPMorganChase(JPM) - Get Report, which plans to merge its Quorum blockchain with ConsenSys -- a development studio founded by Ethereum co-founder, Joe Lubin. The bank built its private blockchain using the Ethereum network, and if successful, the merger could lead to more investment in the Ethereum ecosystem.<\/p>\n
Considered the pioneer for blockchain-based smart contracts, Ethereum also continues to gain prominence as19 out of the top 20 decentralized finance projects were built on its blockchain.<\/p>\n
Smart contracts are computer programs that automatically execute when specific conditions are met. Running them on a blockchain removes any possibility of downtime or third-party interference, making them extremely useful for exchanging money, content, property, shares, or anything of value.<\/p>\n
ETH is Ethereums native currency, used as \"gas\" to pay for network transactions. It currently boasts a market cap of just under $30 billion, with a 24h trade volume of $19.77 billion. <\/p>\n
The Ethereum platform currently processes transactions in a similar way to Bitcoin. But massive development efforts are underway on Ethereum 2.0, to switch over from its proof-of-work to a proof-of-stake network capable of greater scale. The need for scalability is key as the number of transactions, and subsequent gas prices, continue to rise on the platform.<\/p>\n
Ethereum fundamentals have been increasing since the beginning of 2020, up 22-points (2.38%) since January 1st. Our data shows this was driven by a 48-point (5.37%) rise in User Activity. <\/p>\n
FCAS is up 22-points (2.38%)<\/p>\n
Developer Behavior is up 1-point (0.1%)<\/p>\n
User Activity is up 48-points (5.37%)<\/p>\n
Market Maturity is up 2-points (0.24%)<\/p>\n
TheStreet<\/p>\n
Current trends suggest that as the DeFi market continues to expand, it will create robust payment gateways for a wide variety of DApps to be built on Ethereum. Any sort of multi-party application that today relies on a central server can be disintermediated via the Ethereum blockchain. This has attracted new capital to flow into ETH, causing price to skyrocket in the past two months. <\/p>\n
Starting with the launch of MakerDAO, there are now nine separate Ethereum decentralized finance apps holding at least $10 million worth of cryptocurrency in them. As Synthetix founder Kain Warwick commented, The idea that Ethereum is replicating these traditional financial applications on a decentralized platform has finally crossed the chasm and got to the point where people understand it.\"<\/p>\n
The FCAS Tracker provides institutional and sophisticated retail investors a top-down approach to tracking 500+ cryptocurrencies fundamentals. FCAS Tracker is currently free to a select group of new users as we continue to develop the product. Visit us here to gain access to Flipside Analytics.<\/p>\n
<\/p>\n
Read the rest here:<\/p>\n
Cryptocurrency in Focus: Ethereum Is on Fire - TheStreet<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Leading cryptocurrency project Ethereum has seen its fundamentals on the rise lately, as decentralized finance crosses the $1-billion mark this month. Continue reading