The crypto market saw a noticeable growth in the last seven days as top coins benefited the most in an upward price surge that reverberated across the market.
Ethereum amongst most top coins was one of the digital assets that experienced the surge the most as it posted a new price of $415. Things later took a spiralling turn as the coin witnessed a further decline to stay at $325.
In the DeFi vs Stablecoins struggle, DeFi was the biggest gainer as volatility didn’t enter the Bitcoin market like it did Ethereum. With the rapid upward downward movement causing liquidation of assets worth $4.1 billion, the surge seems to have mirrored the pattern of the DeFi market.
Ethereum addresses witness most single day transaction
Ethereum saw its average velocity witness a rapid surge as it graduated from its previous standing to stay at 0.02. Experts have noted that this move means that Ethereum is used solely to carry out transactions on a daily basis.
According to Delphi, the number of Ethereum addresses that made transactions in a single day was said to be almost 486k which was last witnessed in April 2019. Despite DeFi witnessing a good time, Stablecoins are still ahead of it on ETH secured value
Furthermore, a deeper look at the onchain activity shows that the number of transaction carried out by ETH addresses by July 27 was said to be around 29.5 million.
The most amazing thing is the fact that non ETH tokens experienced a surge more than ETH tokens as the DeFi boom registered in the DeFi sector. It will mark a new chapter in the sector considering the fact that ETH is the number one go to asset for DeFi. Despite the fact, when DeFi vs Stablecoins debate is concerned.
DeFi vs Stablecoins: Stablecoins leading DeFi on ETH secured value
This can be said to be explained by two key factors which are Tether and DeFi. Since the migration of Tether from its previous blockchain to the Ethereum blockchain, it has become one of the key tokens of the blockchain.
According to the data released by Dephi, DeFi represents only about $3.7 in value on the Ethereum blockchain. In relation to the $35.6 billion held by stablecoins, DeFis total value is minute compared to it.