Financial journalist Camila Russo that the total value of ERC-20 tokens has reached a whopping $33 bln.
Thus, they have managed to surpass the market cap of Ethereum (ETH) that currently stands at $27 bln by a substantial margin.
DeFi fails to trigger an ETH rally
As reported by InkByte, Messari’s researcher Ryan Watkins claimed that ERC-20 tokens were steadily approaching 50 percent of the Ethereum network value in late May.
In his , Watkins concludes that ETH has failed to catch up with the decentralized finance (DeFi) explosion.
‘Wouldn't be surprised. Just under 2 months ago the gap was only $4bn. DeFi mooned while ETH is only up ~20% since then.’
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On June 23, Compound’s governance token COMP skyrocketed to its current all-time high of $385 before retracing 54 percent.
Last week, the total value locked in all DeFi applications surpassed the $2 bln mark while the cumulative market cap of all related projects is now inching closer to $8 bln.
However, unlike the ICO bubble, this yield-farming frenzy is yet to translate into another Ethereum rally.
Stablecoins dominate Ethereum's economy
There is, however, one cryptocurrency that contributed the most to the ‘flippening’ -- Tether (USDT).
The market cap of the top stablecoin is close to reaching $10 bln (with its ERC-20 version being responsible for more than sixty percent of all tokens in circulating supply).
Together with other ERC-20 stablecoins, Tether started to dominate Ethereum’s economy in terms of transfer value .
InkByte Editorial Team
Dan Burgin
