Thread by @RyanSAdams

1/ Great content from @coinmetrics on Ethereum tokens.

Bottom-line: the Ethereum network is has grown massively over the past two years in use as an asset issuance & programmable money network

A few highlights and my takes. Thread:

2/ ERC20 value catching up to value of ETH. I think token value will far surpass ETH value in the future

This is good...Ethereum is a gravity well for digital assets

Not a threat to security unless permissionless assets start to exceed value of ETH:

https://twitter.com/RyanSAdams/status/1188901380913795072?s=20

3/ ERC20 transaction counts also surpassed ETH transaction counts! More & more, ETH becomes a SoV asset within its economy, & less a MoE

ETH as a reserve asset, economic bandwidth, permissionless collateral

Dai & stablecoins as MoE

But every transaction accrues value to ETH 🔥

4/ Transfers are movements of tokens from one ETH address to another, different than transactions

Look at ERC721s passing ERC20s on transfer counts!

This is almost entirely due to the popularity of @GodsUnchained

One killer app can make a massive impact in these early days

5/ ERC721s (these are non-fungible assets, like collectibles you'll recall) are growing fast on Ethereum this year

GodsUnchained again, & some of the coolest things the bankless community is doing recently involves ENS domain names

Watch for the rise of digital goods!

6/ Next time someone says "no one uses Ethereum" send them data

Ethereum contract calls have grown from a couple thousand to a couple million in less than 2 years

Ethereum is being used for its intended purpose: settlement for programmable money

And we're at peak capacity

7/ So it's great to see Coinmetrics putting out more Ethereum data. If you like it, tell em!

And subscribe to their newsletter:
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Also, check out Bankless takes on Coinmetrics data here:

bankless.substack.com/p/how-to-read-…

bankless.substack.com/p/how-to-read-…

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