Or ~3.2M. We haven’t even discovered what can be done on $ETH yet
Stablecoins
Stablecoins are growing some extraordinary value for $ETH as an asset
$USDC: $27B
$DAI: $5.8B
$TUSD: $1.4B
& more!
They are very popular for their easy use in DeFi, & VISA will soon accept tx settlement in $USDC
$USDC alone grew from $4B mcap, to $27B this year 👀
Network use
Ethereum is now regularly settling more value per day than #Bitcoin, the largest cryptocurrency by market capitalization
This will only continue to grow with upgrades like ETH 2.0
As block space has more demand with time and adoption, ether will become more scarce.
Supply on exchanges
The balance of $ETH held by centralized exchanges continues to drop, nearing levels not seen since three years ago…
This indicates that many holders are not aiming to sell soon, and it may be a catalyst of its own if it happens to continue
$ETH issuance
EIP-1559 & the merge to PoS will result in a massive sell pressure decrease for $ETH
Higher APY for staking upon the merge, along with a sudden surge of people locking their $ETH for the yield will result in unprecedented levels of volatility
On November 9th, 2021 United States law enforcement officers closed in on a lakeside mansion in Georgia.
Inside of its floor safe they found $661,000 in cash, gold bars + coins, and a Cheetos popcorn tin.
The Cheetos popcorn tin contained $3.4B worth of bitcoin.
To understand how law enforcement found this unfathomable amount of money, & why $3.4B of bitcoin was stashed in a Cheetos tin, we’ll have to go back to 2009…
James Zhong had just turned 18 years old.
He was a smart, quirky kid with a knack for computer science.
After landing a near perfect score on the SAT, he packed his bags with everything he owned, traveled to the University of Georgia, & never spoke to his parents again.
This would mark the start of a new, extraordinary life for James.