Stablecoin Supply Breaks Above $10B, Analysts Mati Greenspan and Adam Back Share Their Views

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Mon, 06/15/2020 - 13:30
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Vladislav Sopov
The insane growth of the stablecoin net supply is one of the main trends in crypto in 2020. Traders and analysts are guessing what it means
Stablecoin Supply Breaks Above $10B, Analysts Mati Greenspan and Adam Back Share Their Views
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Mati Greenspan, a seasoned cryptocurrency trader, analyst and founder of the Quantum Economics newsletter, has noticed a rapid upsurge in the stablecoin supply. 

Does eleven-digit supply really matter?

In his recent tweet, Mr. Greenspan revealed the jaw-dropping statistics on the total stablecoin supply. It surged almost 100% in less than six months in turbulent 2020.

Mati Greenspan asks whether we sould be concerned about skyrocketed stablecoins' supply
Image via Twitter

Mr. Greenspan asked his Twitter audience whether we should be concerned about such an impressive rally in stablecoin market capitalization.

Legendary cypherpunk, CEO and co-founder of the Blockstream development studio, which works on the Bitcoin (BTC) network and other related solutions, was one of the first to reassure Mr. Greenspan. He outlined that these metrics represent the instrumental aspect of the digital assets segment more than anything else:

Tether? No, it's just fuel. And we don't know USD balances of exchange trading accounts and it's likely more.

He believes that the United States Dollar Tether (USDT) is just fuel for cryptocurrency exchanges and its statistics can say very little about the real balances of trading accounts.

However, one of the first Bitcoin (BTC) developers believes that these balances store 'likely more' money in USD equivalent.

Tether (USDT) is on a march

As covered by U.Today Crypto News, automated analytical tools have detected the rapid expansion of the USDT supply. One week ago, the Skew analytical group, which works in crypto derivatives, noticed that its market capitalization is targeting the $10 Bln level.

The latest impressive growth from the USDT market cap can be mainly attributed to its Ethereum-based and Tron-based versions. Two days ago, another 100M USDT were minted by Tether on the Tron (TRX) blockchain.

It is also worth noticing that every Tether (USDT) transaction on Bitfinex migrated to the OMG Network, Plasma infrastructure on top of the Ethereum (ETH) blockchain.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)