Crypto Week in Review: Ethereum (ETH) Primed for a Big 2020
Decentralized applications took off in 2019, with the Ethereum, TRON and EOS blockchains producing $23 billion in transaction volume, according to a new report from DappReview.
The three leading smart contract platforms accounted for 98% of the total dapp activity, with Ethereum alone hitting $12.8 billion in transaction volume. The popularity of Ethereum, Tron, and EOS is in large part due to the growth of decentralized finance applications (DeFi Apps) and blockchain games.
According to the report, $3.9 billion of Tron’s $4.4.billion in total transaction volume came from blockchain gaming. On the other hand, DeFi applications made up more than 90% of Ethereum’s transaction volume.
ETH primed for a BIG 2020
In 2020, the number of DeFi Apps on Ethereum’s blockchain will likely continue to rise. This week, a report from DeFi Pulse found that 3 million Ethereum are now locked in DeFi applications, up more than 11% in the last month alone. Lending product Maker (MKR) is currently the largest contributor to the DeFi market, with 2.4 million ETH locked up.
It’s also worth mentioning that some of the most successful companies in the world are betting big on Ethereum. In November, Microsoft announced that it’s accelerating its enterprise blockchain platform, Azure Blockchain Service, to offer customers an “end-to-end experience of easily creating and managing tokens” and the blockchain network itself.
Big Four accounting firm Ernst & Young is also utilizing the Ethereum blockchain. In 2019, EY announced Nightfall, a service that lets businesses build private blockchains on top of the Ethereum network. The company is confident that Nightfall will mean big things for Ethereum. Speaking at the Ethereal Summit 2019, EY’s Head of Blockchain Paul Brody said that “Corporations WILL come to use Ethereum mainnet.”
Despite the positive developments for the Ethereum blockchain in 2019, ETH’s price failed to see as large of an increase as other assets like Bitcoin. Over the past 12-months, ETH is up only 12%, while BTC gained more than 100%.
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