The top 25 most valuable tokens are launched from Ethereum.
According to a review, tokens like Maker, ChainLink, Tether, and even Bitfinex’s Leo, highlights the critical role of Ethereum.
ChainLink, USDT, Maker, Leo are Examples
The top 25 tokens by market cap are on Eth1. (Disclosure—I don't own any beyond OMG airdrop.)
Tether is arguably incorrectly labelled by @CoinMarketCap. There are 2.2B USDT circulating on Eth1 and 1.5B USDT circulating on Omni. pic.twitter.com/SyM6PjoYey
— Justin Ðrake (@drakefjustin) February 12, 2020
ChainLink aims to build an oracle business connecting smart contracts to real-world events, subsequently opening up tons of opportunities.
For its possibilities, it works closely with Google. Leo and USDT are stable coins. Pegged to the USD, they are useful as entry and exit channels.
In China, Tether (USDT), is popular and preceding the current bull market, the coin was trading at a premium, hinting of the urge and demand for the crypto market.
Ethereum is on Fire
As it is, Ethereum is on fire. The network’s smart contracting role, apparently, is attractive to clients. Similar reports reveal that the network is not only attractive because of DeFi, but because of the pleasure of learning new programming languages.
$1 BILLION locked in #DeFi. A great beginning. pic.twitter.com/M8nCzK9CMO
— Maker (@MakerDAO) February 7, 2020
Unlike competing platforms, Ethereum rolled out its programming language, Solidity, and despite being new, developers continue to flock, submitting commits, and building a community.
An active community in crypto circles is vital. The lack of the former leads to cracks which are hard to seal. Shit coins in particular, whose airdrop tokens can now be hidden thanks to a new feature in Etherscan, lack a vibrant community.
The absence of this means an exposed underbelly more so if the network lacks the muscle power. If there is no development, then it’s easy to pick out new vulnerabilities, and the more there are, the easier it is for hackers to tear the project apart.
ERC-20 Tokens are Useful
That ERC-20 tokens dominate is a testament of growth and utility.
It also relays confidence on the underlying network. Ethereum is on transition, and plans to implement scaling solutions in the next few years.
#Bitcoin #LightningNetwork works like a charm.
This is a fact we can't deny.
Bitcoin devs chose this unique way to scale.
Ethereum Is trying to scale by:
– sharding
– proof of stake
– hard forks
– plasma
I think plasma were the best hope.
It seems to be failed and abandoned— gmr7 (@gmr712) February 7, 2020
Some of them include Sharding where the network nodes would be fragmented meaning transactions need not be broadcasted to the whole network for confirmation.
Instead, nodes within a particular shard can confirm the transaction and simultaneously synchronize.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich
