Ethereum Market News News & Updates

ETH Adoption is Exponential now! Forget about the Price.

In virtually every area, #Ethereum, the largest smart #contract blockchain protocol in the world, seems to be growing at an #exponential rate.

According to Joseph #Lubin, the co-creator of Ethereum and the founder of #ConsenSys, a blockchain software studio based in New York that houses 1,000 developers:

“Blockchain is more than a #market. It’s a movement. Market cap doesn’t refleft (sic) activity. Decentralized #networks are growing. 10 billion daily API requests served by #Infura. 1 million Truffle downloads. 1 million #MetaMask downloads. 12,000 live Ethereum nodes. 48 million unique Ethereum addresses. 3 times LinkedIn blockchain job #openings.”

Truffle, Infura, MetaMask, Nodes, Jobs

Ethereum’s three major products #Truffle, #Infura, and #MetaMask, often called “TIM” by the community, serve as the backbone of the #infrastructure surrounding the asset.

Truffle is an #Ethereum blockchain development framework that allows developers to build blockchain products. Infura is a #node infrastructure that processes requests on popular applications. MetaMask is the most widely utilized Ethereum and #ERC20 wallet, which runs on Infura.

On November 4, it was reported that the three #blockchain tools achieved major milestones. MetaMask launched a mobile client, Truffle secured one# million downloads, and Infura surpassed 10 billion requests.

Despite the bear market during which #Ethereum lost 92 percent of its value from its peak on January 13, the user base of the blockchain protocol has increased substantially and the #infrastructure supporting the ecosystem has strengthened quite #noticeably.

ethereum price chart
ETH/USD | Coinbase | Source: TradingView

ConsenSys founder Joseph #Lubin emphasized that the usage of Ethereum in developing #ountries like the Philippines has started to #increase, with the Philippines connecting rural banks via a crypto-cash payment system, an initiative led by one of the country’s most influential #banks, Union Bank.

Considering that the #Ethereum ecosystem has continued to grow throughout the past eleven months regardless of the poor #performance of major cryptocurrencies, Lubin stated that he remains optimistic in the long-term #growth and trend of Ethereum:

“I believe in #blockchain technology because of the people behind it. The #developers, engineers, and technologists who build. The smart contract experts who audit and #Secure the code. The designers who care deeply about user #experience. The marketers who tell the story of #Web3.”

Projects Seem to be on the Same Page as Lubin

While the common narrative on the decline in the Ethereum price throughout #2018 remains as the sell-off of ETH by initial coin offering (#ICO) projects, a recent report has revealed that ICOs have not actually sold a big portion of their #ETH.

Apart from a certain #portion of ETH raised from the token sale, most #ICOs seem to be holding a fairly large portion of their holdings in #ETH.

Marat #Garafutdinov, an analyst at HASH CIB, wrote:

“Given the data we have, we are confident to say that #ICO projects reacted to the market #conditions, rather than dictated them.The #treasuries currently still hold a minimum of 3.4% of the total #ethereum supply. Our findings have been confirmed by separate #researchers. And contradicted by some — most probably, due to #reporters equalling all of the #ETH moved to ETH directly sold.”

 

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