Cryptocurrency

Stablecoins and DeFi fire active addresses in Ethereum


Key facts:

The tokens 0x (ZRX), Kyber Network (KNC) and Maker (MKR) stand out for their number of directions active.

The historic maximum active addresses according to Coinmetrics is from 7.15 million.

The stablecoins and Financial markets Decentralized (DeFi) could be pushing the number of active addresses in the network of Ethereum. At present, the number round the 548.179 addresses, according to graphs of Coin Metrics.

A report of the firm analysis explains that the stablecoins as a Tether (USDT), USD Coin (USDC) and Paxos (PAX) have had an increase of active addresses since march. He also points out that 0x (ZRX) and Kyber Network (KNC), tokens ERC-20-related DeFi, have been reaching new highs of addresses active since the beginning of July. The active addresses of Maker (MKR) have fallen since mid-June, but are still relatively high in comparison with other tokens.

In addition, they explained that there is a significant increase in the number of addresses with at least 0.01 ETH from the month of April. On the 1st of April had 7,12 million addresses with 0.01 ETH as a minimum, while the 1 July had already 8,37 million addresses. This means an increase of the 17,55% of the holders of more than USD 2 in ETH.

Despite the fact that the amount of USD 2 ETH is not large, it is striking that more and more users have this criptomoneda. Both the stablecoins as the DeFi, show a clear increase of use, so it is logical to think that these are driving the use of the ETH.

Ethereum is driven by stablecoins and DeFi

The historic maximum registered in the price of ETH were related to the fever of the ICO that lived in the ecosystem of Ethereum in 2017. Now the constant growth of the Finance Decentralized (DeFi) is not overlooked to the ecosystem. For the community there is a concern that is a sign of the emergence of a new economic bubble in Ethereum.

According to the data offered by Defi Press are currently blocked approximately us $ 2.180 million in platforms DeFi. In the first place, Compound with USD 674 million blocked in your platform. In the second place, MakerDAO with $ 616 million and then Synthetix with USD 382 million.

July 8, Breaking News reported that an initiative, a platform is Defined based on Ethereum could allow to get loans without collateral. The protocol of open source Aave, which it operates in the sector of the DeFi, now allows users to perform the delegation of credits to grant loans without deposit.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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