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Ethereum is the second cryptocurrency on the market in terms of capitalization. It is also the most widely used smart contract platform in the world. The valuation of digital tokens issued on its blockchain is now higher than that of Ether, the network's native cryptocurrency.
Ethereum ERC-20 tokens represent $ 33 billion
There are more than 275,000 tokens deployed on the Ethereum network . These digital tokens, governed by smart contracts , now represent the tidy sum of $ 33 billion . A number greater than the cumulative value of ethers in circulation, estimated at $ 27 billion at the current price of ETH.
Cumulative capitalization of ethers (in blue) and ERC tokens (in red) - Source: CoinMetrics
The rise of DeFi
The total capitalization of tokens issued via Ethereum has continued to grow, ultimately exceeding the value of the ethers themselves. This is partly thanks to the many decentralized finance protocols that have appeared on the network in recent months.
The top of the table is always occupied by Tether's stablecoin and the exchange platform tokens. For example, the BNB Binance the LEO of Bitfinex or token of Huobi. But we also see new arrivals.
List of the 15 main ERC-20 tokens in terms of capitalization - Source: Etherscan
The COMP token of the Compound decentralized finance protocol is now battling with MakerDAO's MKR . They occupy the 11th and 9th places in the ranking of the most valued tokens on the market .
Protocol 0x , on the other hand, remains in a good position. The prices of blockchain interoperability tokens are still trending high . These include LINK (Chainlink) or KNC (Kyber Network).
Seeing the cumulative value of tokens issued on Ethereum exceed that of the network itself is proof that the platform created by Vitalik Buterin is very successful. If some see in the explosion of DeFi tokens a new bubble, the capitalization of stablecoins and exchange tokens shows that the fundamentals of Ethereum are always stronger.
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