The growing popularity of decentralized finance (DeFi) services has led to the fact that the total capitalization of tokens on the Ethereum blockchain exceeded the ETH cryptocurrency itself. The Defiant new editor-in-chief Camila Russo shared this observation.
Taking the data from the Etherscan browser as a source, she compiled a table, judging by which the capitalization of the second crypto coin is $27 billion, a similar indicator for ERC-20 tokens is $33 billion.
“Looks like total ERC20 tokens market cap has surpassed ETH market cap?”, commented Russo.
Her data was confirmed by representatives of Coinmetrics:
As of July 14, the capitalization of DeFi tokens amounted to $7.622 billion, while in the services themselves funds for $2.41 billion were frozen.
A significant part of the capitalization of ERC-20 tokens is represented by the Tether stablecoin, which is mainly based on the Ethereum blockchain and also shows steady growth.