As the DeFi craze continues to hit, is Ethereum's Hodler still around?
When it comes to the cryptocurrency market, the past few months have shown the importance of Ethereum in cryptocurrencies.With the massive growth of DeFi in 2020, ETH has gained well in many ways.
And a few days ago we saw that the transfer Gas fee in the Ethereum network reached a record amount. According to the data provider Etherscan, this also witnessed the huge traffic on its website, and this development is consistent with the ICO frenzy in 2017. Very similar.
While ETH still has a long way to go to challenge Bitcoin’s market capitalization and dominance, its strong growth is due to DeFi and the upcoming ETH 2.0 shift.As Ethereum use cases diversify, users and investors in the ecosystem are also benefiting.
According to the latest network data provided by Glassnode,Ethereum balances on centralized exchanges have dropped significantly over the past few weeks.In fact, the above data shows that the Ethereum transaction balance has dropped from 18,750K to around 1,675K. At the time of writing, the balance of Ethereum exchanges has dropped to the lowest level in 2020.
While the drop may come as a shock to some, it also speaks to some hope in the cryptocurrency market, with fewer users now holding their ether in transactions.Instead, they moved ETH to their own wallets or cold wallets, which is often associated with increased holding sentiment.
The price of the cryptocurrency could also be positively affected as more users hold on to Ethereum.
One of the reasons why many users tend to do this may be that,Due to its recent performance limitations, as well as gaining traction from the thriving DeFi ecosystem based on its platform.
As mentioned above,
As mentioned above,One of the main reasons for the decline in the volume of Ethereum transactions stored on exchanges is related to the rise of niche sentiment within the Ethereum community.
The original text comes from ambcrypto, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.
The original text comes from ambcrypto, compiled by the BluemountainLabs team, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.
