Challenge Ethereum? Can non-ETH cryptocurrencies seize the moment?

Change is the only constant in the world, the cryptocurrency market rightfully abides by these words. In fact, change is second nature to Ethereum, and various developments have taken place on Ethereum over the past few years.

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Ethereum now has 100,000 bitcoins

Consider for a brief example the aforementioned graph shared by Longhash’s Kyle Torpey recently on Twitter, which shows,Ethereum currently has over 100,000 BTC. Although they are not actually on the ETH chain, their value is functionally locked in Ethereum.

Simply put, Bitcoin is similar to IOUs, such as WBTC in Ethereum can be used as a DeFi yield Bitcoin holding. One thing to note here is that,Bitcoin's value creates transactions on another chain.

Now, the development of interoperability is why so many non-ETH tokens currently function on-chain.The rise of DeFi is inevitable, and between all these innovations, it cannot be said that the value of Ethereum is being compromised.

Give another example.

The Etherscan.io chart above highlights daily transaction volume, which reached an all-time high of 1,350,000 transactions on January 4, 2018. then,DeFi is largely a fantasy of the imagination, and probably all transactions are related to ETH on Ethereum.At the time, Ethereum was also worth more than $1,000.

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Non-ETH Tokens Infused with Ethereum Value

It's easy to get dramatic and overblown in this industry, but the bottom line is clear.The importance of Ethereum is unlikely to change, Gas transactions will still require ETH,But over time, investors and traders will be reluctant to hold such assets if they only use ETH for one specific purpose.

MicroStrategy CEO Michael Saylor explained,One of the main reasons behind investing in Bitcoin is its reluctance to change. The community has defended its original ideals time and time again, and the same cannot be said for ETH.Ethereum still feels like an unfinished product, and its constant tinkering could drain the value of the main token.

The original text comes from ambcrypto, compiled by the Bluemountain Labs 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 Bluemountain Labs team, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.