{"id":137313,"date":"2020-06-23T08:00:06","date_gmt":"2020-06-23T07:00:06","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=137313"},"modified":"2020-06-23T22:11:18","modified_gmt":"2020-06-23T21:11:18","slug":"three-reasons-why-the-next-few-months-are-critical-for-ethereums-future","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/three-reasons-why-the-next-few-months-are-critical-for-ethereums-future\/","title":{"rendered":"Three reasons why the next few months are critical for Ethereum\u2019s future"},"content":{"rendered":"

Ethereum\u2019s landscape has been evolving significantly throughout the past few months. In addition to the transition to ETH 2.0 looming on the horizon, the crypto is also seeing a massive influx of new users due to the explosive rise in decentralized finance\u2019s popularity.<\/p>\n

Many new users are being lured into Ethereum-based DeFi programs due to the large yields being offered on some protocols like Compound, where users are leveraging ETH-based tokens to earn, in some cases, upwards of 100 percent APR.<\/p>\n

One prominent fund manager is now noting that there are a few key factors related to this shifting Ethereum landscape that could provide it with a massive uptrend in the coming few months that alters its long-term trajectory.<\/p>\n

Reason 1: High gas fees reflect demand for Ethereum blockspace<\/strong><\/h2>\n

Ethereum<\/a> has seen a massive surge in its gas fees in recent times, reflecting a growing demand for blockspace. The \u201cyield-farming\u201d DeFi trend is the likely suspect driving this.<\/p>\n

According to data from analytics platform Glassnode<\/a>, the seven-day moving average of Ethereum\u2019s total gas used has been climbing significantly throughout 2020.<\/p>\n

\"Ethereum\"
Image Courtesy of Glassnode<\/figcaption><\/figure>\n

This has also coincided with a spike in transaction fees, which have reached levels not seen in nearly two years.<\/p>\n

Avi Felman, the head of trading at BlockTower Capital<\/a>, recently explained<\/a> that heightened demand for blockspace could ultimately lead to value accrual for ETH\u2019s price.<\/p>\n

\u201cHigh gas fees on Ethereum reflect increased demand for blockspace. Whether ETH accrues value from this will be another debate that might capture mindshare. With EIP-1559 coming up this will only bring this narrative to more prominence and boldens the case for value accrual.\u201d<\/p><\/blockquote>\n

Reason 2: DeFi has shown that crypto is more than \u201csound money\u201d<\/strong><\/h2>\n

Another reason why recent developments to Ethereum\u2019s ecosystem<\/a> could cause it so see immense strength in the coming few months is that many funds may buy ETH as a proxy to gain exposure to the DeFi ecosystem.<\/p>\n

Felman speculated on this point, explaining that funds may be hesitant to deploy capital to small market cap tokens within this sector, instead just buying ETH.<\/p>\n

“Large funds will have a hard time deploying to small + mid cap posns, so may buy ETH as a proxy.\u201d<\/p><\/blockquote>\n

He also notes that Ethereum's utility shows that cryptocurrencies are more than just hard-assets.<\/p>\n

\u201cDeFi has shown that crypto is more than just sound money, and soon individuals might pay attention to other ETH projects outside of DeFi…”<\/p><\/blockquote>\n

Reason 3: \u201cYield farming\u201d to draw new users to ETH ecosystem<\/strong>\u00a0<\/strong><\/h2>\n

\u201cYield farming\u201d has become a buzzword in the crypto world over the past several days and weeks, with investors widely leveraging Ethereum-based tokens to collect massive DeFi incentives.<\/p>\n

In some cases, these incentives total at over 200 percent APR \u2013 although it is unlikely that rates of this magnitude will be sustained in the long-term.<\/p>\n

While speaking on this topic, Felman notes that the lure of high returns with minimal risk via DeFi protocols could draw more people into the Ethereum ecosystem.<\/p>\n

\u201cYield farming + liquidity mining *do* lock up ETH, but more importantly draw people from the general crypto ecosystem to the ETH ecosystem.\u201d<\/p><\/blockquote>\n

Unless a sharp downside movement in the markets leads to mass-liquidation of collateralized DeFi loans, it is highly likely that this trend will continue gaining momentum in the mid-term.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum\u2019s landscape has been evolving significantly throughout the past few months. In addition to the transition to ETH 2.0 looming on the horizon, the crypto is also seeing a massive influx of new users due to the explosive rise in decentralized finance\u2019s popularity. Many new users are being lured into Ethereum-based DeFi programs due to […]<\/p>\n","protected":false},"author":174,"featured_media":137329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[60923],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nThree reasons why the next few months are critical for Ethereum\u2019s future<\/title>\n<meta name=\"description\" content=\"One fund manager is now noting that there are a few key factors related to this shifting Ethereum landscape that could provide it with a massive uptrend.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/three-reasons-why-the-next-few-months-are-critical-for-ethereums-future\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Three reasons why the next few months are critical for Ethereum\u2019s future\" \/>\n<meta property=\"og:description\" content=\"One fund manager is now noting that there are a few key factors related to this shifting Ethereum landscape that could provide it with a massive uptrend.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/three-reasons-why-the-next-few-months-are-critical-for-ethereums-future\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-23T07:00:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-23T21:11:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/06\/ethereum-future.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/three-reasons-why-the-next-few-months-are-critical-for-ethereums-future\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/three-reasons-why-the-next-few-months-are-critical-for-ethereums-future\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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