A croissant has recently laid out an argument for Ethereum becoming a leading asset in the world. The Twitter handle which is known as @CroissantETH shared some interesting facts around the second-largest cryptocurrency in the space. These made for some sound arguments and have really shown why Ethereum has the potential to become of the world’s most productive assets in coming years.
Making The Argument For Ethereum
The Croissant Twitter account first laid out the groundwork for its argument using the start of the project. Ethereum which was created five years ago had initially offered 72 million ETH to more than 10,000 Bitcoin addresses for taking part in its ICO. Keep in mind that Bitcoin was still what could be considered at its infancy then and cryptocurrencies were still a novel idea.
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Fast-forward to five years later and most of these addresses no longer hold a significant portion of the coins that were offered during the ICO. In fact 81% of these over 10,000 Bitcoin wallets now only hold about 1% or less in their balances, with 9.5% remaining untouched, presumed to belong to users who no longer have access to their wallets. Only 64 users increased their holdings in the future.
Now there are 118 million ETH that has been rewarded for blocks mined. All of the ETH from these wallets have gone towards smart contracts on the Ethereum network. It estimates that 26.86% of ETH are held in these smart contracts. These ETH have gone to decentralized applications that help power the virtual economies on the network (eg DeFi) along with stable coins and other features that are now associated with the blockchain.
Of this 26.68% locked in smart contracts, 77% of the total value is locked in DeFi on the network.
These are decentralized applications that power virtual economies, stable coins, and many other things home to Ethereum.
Of that…
