Genesis: It Can Make Ethereum Better And Useful With Tomorrow's Major Update!
Genesis, the primary intermediary cryptocurrency company affiliated with the Digital Currency Group, announced in its second quarter report published today that the dominance of Bitcoin (BTC) in the market began to weaken, while Ethereum (ETH) began to gain strength.
At the end of 2020, 54% of the loans Genesis extended to its users consisted of Bitcoin, while this ratio dropped to 42% at the end of the second quarter of 2021. Ethereum's rate increased from 15.5% at the end of 2020 to 27.9% at the end of the last quarter.
• In the same timeframe, Bitcoin's share of Genesis' spot transactions fell from 80% to 47%. During this period, Ethereum share rose to about 25%, while DeFi tokens such as UNI, SUSHI, AAVE, and Ethereum's competitors such as SOL and BNB also saw growth. The company's total spot volume for the quarter was $29.2 billion.
• Stating that the total market value of ETH and DeFi tokens shrank by 43% during the quarter, Genesis stated that the activity on the decentralized finance side continued to grow despite this. According to Genesis, the gap between Ethereum and Bitcoin's market caps is closing at this time, indicating that "the role ETH plays in institutional portfolios is growing."
• The Genesis team stated that Ethereum can become both a “more useful” and a “deflationary” asset after the London update, which is expected to be implemented on the Ethereum blockchain tomorrow and includes the EIP-1559 clause.