Ethereum’s Inroads and Libra’s Concessions

The world’s second largest blockchain by market capitalization is making major in-roads despite the new coronavirus-led market turmoil.

The total amount of value transfer on the network has reached parity with Bitcoin, while dapp usage is reported to have surged 64 percent in Q1. Still, crypto isn’t confined to the major chains: With Quora finding a use case for charity and Solana entering the world of decentralized finance (DeFi) with a stablecoin integration, decentralized tech continues to earn its reputation as a disruptor.

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Top Shelf

  • Data showing that the total value transferred on the Ethereum network, including ether and ERC-20 stablecoins, now matches that of the Bitcoin network, according to Messari research. “Ethereum is becoming the dominant value transfer layer in crypto,” Ryan Watkins, research analyst at Messari, said.
  • DappRadar found Ethereum saw a 64 percent increase in dapp usage in the first three months of 2020, outpacing other “layer-one” blockchains like Tron and EOS. (Decrypt)
  • Chainlink’s link token, which funds a system of oracles built on top of the Ethereum blockchain, is outperforming bitcoin by leaps and bounds as the oracle network’s various use cases garner investor attention, leading to a self-feeding bullish cycle. “Link has a strong fan base that constantly promotes or ‘shills’ the project to potential buyers. This often creates a positive reinforcement cycle, further driving up the price,” Connor Abendschein, crypto research analyst at Digital Assets Data, said.

Libra’s Concession
In a major concession to global regulators, the Libra Association is pulling back from its original vision of a digital currency backed by a basket of national currencies. The Facebook-led consortium now plans to develop a…

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