Gold Coast Money Online
Advertisement
  • Home
  • Gold
  • Cryptocurrency
  • Make Money Online
  • Product Reviews
No Result
View All Result
Gold Coast Money Online
  • Home
  • Gold
  • Cryptocurrency
  • Make Money Online
  • Product Reviews
No Result
View All Result
Gold Coast Money Online
No Result
View All Result
Home Cryptocurrency

NFT activities increase on Ethereum as Bitcoin demands diminish on DeFi

Wayne Russo by Wayne Russo
March 25, 2022
in Cryptocurrency
0
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

NFT remains the dominant sector on Ethereum and is responsible for most of the transfers on the network. This is according to the newly released Coin Metrics State of Network report.

NFT token transfers beat that of other spaces

Non-fungible tokens have been trading at all-time highs for the past few months despite the general downtrend in the crypto market. In addition, since July 2021, NFT transfers on the network have surpassed Stablecoins and all ERC-20 tokens.

You might also like

What is a Crypto Airdrop

Report on Ethereum Technical Analysis

October 2022

The adoption of NFTs started to skyrocket towards the end of last year, with platforms such as OpenSea, the number NFT marketplace, seeing record trading volumes.


Source: CoinMetrics

LooksRare, which launched on Ethereum in early January, posted over $2 billion in trading volume within the first 30 days. Even the Coinbase NFT platform, which is yet to launch, already has more than 2.4 million people on the waitlist.

The interest in NFT isn’t limited to retail investors. Several institutions like Adidas, Nike, Mercedes, and others have released limited NFT collections as they seek to make their mark on the metaverse.

Demand for Bitcoin on Ethereum blockchain wanes

However, the current market pullback has affected other sectors significantly. One of the affected is the DeFi space, where the total value locked had dropped below $200 billion this year.

The evidence of this reflects on the inflow of Wrapped BTC to Ethereum network which has dipped since the year began.

Wrapped BTC makes it possible for Bitcoin holders to participate on the Ethereum network and within the DeFi space without losing their assets. The Ethereum compatible wBTC can be redeemed for Bitcoin at any time.


Source: CoinMetrics

With about 263,000 wBTC currently on Ethereum which is roughly 1.4% of the total Bitcoin supply, most are locked in smart contracts on DeFi platforms like Maker and Uniswap while other smart contract-enabled platforms like Avalanche also have a substantial amount of wBTC in their bridges. BTC and ETH active addresses both dropped about 8% week-over-week.

However, since the start of this year, the inflow of wBTC on DeFi has mirrored the decline of the wider crypto market. While the inflow more than doubled last year, we are yet to witness a level of sustained inflow in 2022.

With conflicts in Eastern Europe and fears of a global crisis, the performance is unlikely to improve soon. In the past 24 hours, the crypto market cap has fallen by almost 10%.

NFT activities increase on Ethereum as Bitcoin demands diminish on DeFi CryptoSlate.

Share this:

  • Facebook
  • Pinterest
  • Twitter
Tags: contractremainthenetwork
Previous Post

16 Sites like Craigslist to Sell Stuff & Make Money Online

Next Post

How to Sell on Amazon and Earn Over $100,000 a Year (Expert Interview)

Wayne Russo

Wayne Russo

Related Posts

Cryptocurrency

What is a Crypto Airdrop

by Wayne Russo
October 12, 2022
Cryptocurrency

Report on Ethereum Technical Analysis

by Wayne Russo
October 11, 2022
Cryptocurrency

October 2022

by Wayne Russo
October 10, 2022
Cryptocurrency

4. October-2022: Ethereum Technical Analysis Report

by Wayne Russo
October 9, 2022
Cryptocurrency

7th-October-2022

by Wayne Russo
October 8, 2022
Next Post

How to Sell on Amazon and Earn Over $100,000 a Year (Expert Interview)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • What is a Crypto Airdrop
  • Should I buy Gold What are the benefits and drawbacks of purchasing gold?
  • Earn money by selling empty boxes
  • Report on Ethereum Technical Analysis
  • What happens to America’s debt ceiling?

Recommended

Tether confirms DDOS attacks on tether.io

June 19, 2022

Prediction for Bitcoin (BTC), Prices 2022-2040

March 25, 2022

Gold Coast Money Online

Categories

  • Cryptocurrency
  • Gold
  • Make Money Online
  • Product Reviews
  • Products Launches

Pages

  • About Kirk Heisenberg
  • Contact
  • Disclosure
  • Privacy Policy
  • Terms of Use

Recent News

What is a Crypto Airdrop

October 12, 2022

Should I buy Gold What are the benefits and drawbacks of purchasing gold?

October 12, 2022

© 2022 All Right Reserved by goldcoastmoneyonline.com

No Result
View All Result
  • Home
  • Gold
  • Cryptocurrency
  • Make Money Online
  • Product Reviews

© 2022 All Right Reserved by goldcoastmoneyonline.com