Total ERC-20 Market Cap Surpasses ETH on Ethereum

A few months ago I wrote about the evolution of value on Ethereum. In it I illustrated Ethereum’s evolution from a blank canvas to an agglomeration of novel forms of value and use cases. A couple months later, I highlighted that the market cap of ERC-20 tokens reached parity with the market cap of ETH for the first time ever, further illustrating this evolution of value on Ethereum.

The trend hasn’t stopped since and the market cap of ERC-20 tokens now surpasses the market cap of ETH by a significant margin.

56% of the value stored on Ethereum now incentivizes economic activity beyond the maintenance and execution of the Ethereum blockchain.

Driven by DeFi’s boom the total value of all Ethereum assets surpassed $100 billion for the first time since 2018, at the peak of the 2017 ICO boom. Unsurprisingly the growth has been primarily driven by stablecoins and DeFi tokens.