The popularity of decentralized finance has resulted in ERC-20 token capitalization exceeding the capitalization of ETH. Considering the data from Etherscan, financial journalist Camila RUSSO compiled a table from which it follows that the total cost of ERC-20 tokens reached $33 bln, while the Ethereum (ETH) market capitalization is $27 bln.
Looks like total ERC20 tokens market cap has surpassed ETH market cap?— Camila Russo (@CamiRusso) July 13, 2020
ERC20 tokens on Etherscan https://t.co/0jhXPLJJbS
Market cap = $33B
ETH market cap= $27B
I think there was a @coinmetrics chart tracking this?https://t.co/B85MPEq5Tm
According to Messari analyst Ryan WATKINS, ETH does not keep pace with the growth of DeFi. He also added that it is the first time, when the Ethereum economy is more valuable than ETH itself.
A significant part of the capitalization of ERC-20 tokens falls on the Tether stablecoin. Along with other stablecoins, the ERC-20 Tether began to dominate the Ethereum economy in terms of transfer value back in January of this year. According to July 14 data, the capitalization of DeFi tokens is $7.622 bln.
Image courtesy of cryptonomist