DeFi exploded the Ethereum infrastructure, and nearly 100 million US dollars of BTC has entered the Ethereum ecosystem

巴比特

2020-06-28 13:59 (UTC+8)

本文约1200字，阅读全文需要约5分钟

The continued growth in Ethereum usage makes me very skeptical that we're in something like the second half of 2016 in terms of a cryptocurrency "market cycle"?

Editor's Note: This article comes fromBabbitt Information (ID: bitcoin8btc)Editor's Note: This article comes from

Babbitt Information (ID: bitcoin8btc)

, by Anthony Sassano, translation: Overnight Porridge, published with permission.

It’s no secret that Ethereum and DeFi have experienced explosive growth in the past few months, and in the past 2-3 weeks, they have reached a whole new level. The usage of various applications has grown so rapidly that it has put a lot of pressure on The Graph, the main Ethereum infrastructure provider, causing the performance of the applications it supports to degrade.

In this post, I want to talk about the intense growth seen on Ethereum recently. This appears to be yet another momentum shift, with the "yield farming" meme not only grabbing the attention of the existing Ethereum community, but also bringing in a lot of brand new users (as evidenced by The Graph's outage). I even noticed that many Bitcoin enthusiasts began to transfer their BTC to the Ethereum platform, and tried DeFi by tokenizing BTC on Ethereum. At present, the value of the related BTC anchor currency is close to 100 million US dollars!

source:https://studio.glassnode.com/

We all know that Ethereum gas usage has been at an all-time high for several months, but I like to use another key metric to measure the growth of the network — daily active addresses (based on a 7-day moving average). The gauge has been trending higher since the start of the year and is now at its highest level since July 2018.

image description<>source:

This continued growth makes me very skeptical that we are in something like the second half of 2016 in terms of the cryptocurrency "market cycle"? Ryan Sean Adams has written on this topic before, but I wanted to expand on that with something I saw that reminded me of those stories from 2016.<>2016 narrative
2020 narrative:<>The DAOs and ICOs
Liquidity mining/yield farming<>"It's Blockchain, Not Bitcoin"
"It's Ethereum, not ETH"<>"Ethereum has failed"

"Will ETH Capture Value?"

"Ethereum is under DoS attack"