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ERC-20 market cap differential over Ethereum hits all-time high

Published

4 Monaten ago

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Ethereum’s economic metrics are strengthening as transfer value and ERC-20 market capitalization continue to build momentum.

Research by on-chain analytics platform Santiment has revealed that the market capitalization for all ERC-20 based tokens has flipped that of Ethereum itself. It added that it is currently the all-time highest market cap differential of ERC-20 coins over Ethereum.

The total market cap for all current ERC-20 assets is $46.7 billion whereas that for Ethereum is currently just over $41 billion at the time of writing.

There have been a couple of similar, brief ‘flippenings’ this year with the longest sustained one occurring in July. Ethereum’s price surge in August increased the market cap to more than $50 billion but the subsequent correction has allowed that of ERC-20 tokens to surpass it once again.

Tether accounts for a large share of the ERC-20 capitalization with around $8.9 billion, or 60% of the entire USDT supply, currently on the Ethereum network according to the Tether Transparency Report.

The surge in popularity of DeFi yield farming over the past couple of months has resulted in a slew of new ERC-20 tokens entering the markets, contributing to this overall capitalization increase.

DeFi and USDT has driven economic activity on Ethereum to such an extent that the seven day average adjusted transfer value is now higher than Bitcoin’s for the first time since early 2018.

Analytics by CoinMetrics reported that on September 5th, this figure reached $3.08 billion transferred on Ethereum compared to $3.01 billion using Bitcoin.

The launch of passive earning opportunities for Ethereum holders, such as Yearn Finance’s yETH vault, has also added to the economic activity on the network. There is currently 220,000 ETH, worth around $80 million at current prices, locked into the yETH vault, earning roughly 28% according to Yearn stats. SushiSwap has been another one of the more popular DeFi protocols recently, driving both Ethereum transfer value and its network fees higher.





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Ethereum

Crypto enthusiasts could make $122K per year mining Ethereum with this setup

Published

6 Minuten ago

on

Dezember 29, 2020

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Simon Byrne has taken at-home crypto mining to a whole new level as he looks to capitalize on Ethereum’s (ETH) enormous price potential. 

As first reported by Anthony Garreffa, Byrne has set up an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is marketed toward high-end PC gamers, crypto miners are using these powerful specs to enhance their capabilities.

With each card using roughly 300W of power, Byrne’s setup uses 23.4KW of energy. And that doesn’t even factor in associated costs like AC. All said, his electricity bill is estimated to run up to around $2,166 per month.

The RTX 3080 launched in September at a price of $699, but supply shortages have caused the per-unit cost to swell to $1,199. At the shortage price, that’s a price tag of $93,522 for Byrne’s setup.

Still, these costs could be offset by the operation’s mining capability. One GeForce RTX 3080 graphic card has a hash rate of around 83MH/s using Ethash, which should generate roughly 0.22236870 ETH per month, according to Garreffa. All 78 cards would therefore generate 17.3 ETH per month, which is equivalent to around $12,352 at today’s prices.

Stripping away the electricity costs, that’s roughly $10,200 per month or $122,000 per year. And that’s not factoring in Ethereum’s price potential during the next bull market.

Ether’s price zipped past $700 over the weekend, the first such move since mid-2018. The return of altseason, as some have predicted, could send ETH’s price even higher over the medium term as investors cycle from Bitcoin to other large-cap cryptocurrencies.