ETH flips Bitcoin in average weekly transfer value with the recent DeFi activity has been a major boost for ETH in terms of economic value as a network. It has now overtaken BTC for average weekly transfer value as we are reading more in the latest Ethereum news.
This year was been a huge test for the ETH network and pushed the limits under unprecedented loads. The users have been disgruntled with the high fees but other on-chain metrics which were good for the entire overall ETH Ecosystem. According to a report from the firm, CoinMetrics revealed that ETH flips bitcoin in average weekly transfer value which has now reached $3.08 billion compared to the $3.01 for BTC.
ETH’s 7-day average adjusted transfer value has flipped BTC’s.
On September 5th, ETH’s 7-day average adjusted transfer value reached $3.08B, compared to $3.01B for BTC.
Read more in this week’s SOTN:https://t.co/6JXE5YEN8p pic.twitter.com/N3wcNUeunH
— CoinMetrics.io (@coinmetrics) September 9, 2020
It added that this is the first time since the start of 2018 and that ETH’s seven-day average adjusted transfer value which topped the one of Bitcoin. The economic activity was boosted by the ICO market and the many new blockchain projects and tokens that are launched every day. Bitcoin was comparatively expensive and slow so projects used Ethereum as a means of raising funds. In two and a half years’ time, the momentum for the ETH economy has led us to DeFi today. The surge in yield farming and protocols clones which resulted in a more financial value that was transferred on the ETH network which was the foundation for all things DeFi.
7 million ETH was locked into DeFi smart contracts last week, this is the highest level according to Defi pulse. As the markets cooled down, the collateral was withdrawn and this number fell to about 5 million ETH today. Compared to this time last year, it marks an increase of $138%. Token swapping and mining boosted the activity and products such as YFI vaults which attracted a lot of ETH liquidity. As the DeFi markets rebound from their recent low earlier this week, the prices followed suit. ETH was broken out of its four-day trading range and eventually hit a five day high of $365.
The move took it back across the 50 days moving average with the next level of resistance lying at the $385 level as the crypto markets are back in the green as ETH is now leading them with an eight percent gain on the day.