Ethereum Trending Towards Massive Growth in 2020

Jan 18, 2020 at 13:23 // News
Coin Idol
Speculators claim that cryptocurrency could gain mainstream usage this year

Current market events are strongly indicating that the ethereum network will see massive growth this year. According to a recent report, the active number of users on the ethereum network doubled in period of just five months. Speculators claim that cryptocurrency could gain mainstream usage this year.

A Non Crypto Kitties Ethereum Application on the Rise

Crypto Kitties emerged at the end of 2017 and gained massive adoption on the ethereum blockchain. The anime became a tradable commodity on the internet and transactions were made using the ethereum cryptocurrency. The emergence of crypto kitties more than doubled the number of users active on the ethereum network.

Another new Ethereum use case, the DeFi, a short form of the phrase Decentralized Finance has taken over the ethereum blockchain. DeFi involve the use of known ethereum features like digital assets, smart contracts, protocols and Decentralized applications.

It is estimated that there are about $706 million worth of Ethereum held up in different applications on the DeFi network. Another data from DeFi Pulse indicate that the figure could easily be as high as $782 million after a period of just a few days.

Is DeFi Replacing the Traditional Financial System

DeFi emerged as the most significant use case for the Ethereum network in 2019. The application as one of the most important use cases on the Ethereum network.

Although most of the features of the DeFi are not new, the modules used on the DeFi systems are actually new. The new system enables the introduction of traditional financial instruments on the DeFi systems.

The DeFi systems accept application including lending platforms, security tokens and much more useful use cases. The DeFi developers revealed that the platform is not intended to destabilize the old similar platforms. The developers urged that the system is not some over rated dreams of crypto Enthusiasts.

In actual sense DeFi is intended to reflect and integrate with the old financial systems already being widely implemented in different Ethereum based platform.

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