XRP, LTC, BSV to Leave Top-10 as DeFi Assets Rise: Analyst Qiao Wang

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Mon, 06/22/2020 - 10:30
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Vladislav Sopov
Crypto investor and researcher Qiao Wang expresses doubts about DeFi asset valuation but foresees that they may challenge the superiority of some crypto behemoths
XRP, LTC, BSV to Leave Top-10 as DeFi Assets Rise: Analyst Qiao Wang
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Startup investor and advisor Qiao Wang, who recently left the Messari analytical team, predicts that the current landscape of the Top-10 cryptocurrency assets by market capitalization may be on borrowed time.

Overvalued challengers

Mr. Wang admits that he is treating the ongoing euphoria over the decentralized finance sector and its assets as overhyped. Many of the DeFi native coins may be heavily overvalued.

Qiao Wang says DeFi assets are mostly overvalued
Image via Twitter

However, he can hardly wait for the revolution in the list of Top-10 of cryptocurrencies by market capitalization. As DeFi native and governance assets may break into this ranking, some of its veterans could be forced to make way for them.

The analyst and investor even mentioned three of the first assets that could find themselves in a new position in the ranking. According to him, XRP, Litecoin (LTC) and Bitcoin SV (BSV) may be replaced by surging DeFi tokens very soon.

Commenters on his tweet also added Bitcoin Cash (BCH) to the list of the condemned behemoths of the blockchain sector.

Insane road to Top-10

At press time, not one asset from the DeFi sector is currently ranked among the Top-10 cryptocurrencies by market capitalization. Right now, a product needs to be valued at over $2.14B to join this elite club, according to statistics from the independent platform Coingecko.

The most likely contender to break into this list is Compound (COMP), the governance and rewards asset of the Compound autonomous protocol. As covered by U.Today Crypto News, this asset has been experiencing an enormous rally with triple-digit daily gains.

Yesterday, it took only 24 hours for this asset to surpass Ethereum Classic (ETC), Dash (DASH), IOTA (MIOTA) and VeChain (VET) in terms of market capitalization.

Its most popular competitor, Maker (MKR) is on the brink of leaving the Top-30 of this ranking. Its capitalization is now 65% lower than that of Compound (COMP).

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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
Cover image via stock.adobe.com
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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.)