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What's making ETH move?


Ethereum is the second-largest crypto asset in the DCX10 index, making up just over 10%. With the amount of development on the Ethereum blockchain and almost daily newsflow, it's easy to see why it dominates second place, giving many Ethereum diehards confidence that one day there will be a “flippening”- when Ethereum (ETH ) surpasses Bitcoin (BTC) in terms of market capitalization.

Just last week there were three major developments.
The forum-based social media platform, Reddit, announced that it had started to test two types of “Community Points”, both built on top of Ethereum’s network. The purpose is to incentivize users to be active and engaged on the platform.

The two types of tokens that will exist initially, the first one dubbed “Moons” will be issued to members of the subreddit /r/Cryptocurrency, while the second “Bricks” will go to members of /r/FortniteBR. The former has about 1 million reported members, while the latter has 1.3 million. Why is this a major development? If you see the links, thousands of addresses have already been created. According to Reddit they have “430 million monthly active users – 30% YoY increase as of 2019”. Does that mean 430 million potential Ethereum wallets? Yes.

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Why is it important that the tokens are being built on Ethereum's blockchain, and what does that mean for DCX10? Simply put, to use the blockchain comes at a cost (transactions cost ETH). Increased adoption drives the price of Ethereum, which increases the return of DCX10.

Visa is the world's largest payment processor. An absolute behemoth. Extremely interesting that a Visa patent was released for the issuance of fiat digital currencies. It mentioned Ethereum more than 10 times. The largest payment processor in the world dipping its toe in fiat stablecoins, while looking at or taking inspiration from Ethereum?

Regulated ETH futures trading became available in the US. ErisX announced CFTC-regulated, physically-settled ETH futures contracts for U.S. traders. This would be the second cryptocurrency derivatives product on offer in the country. To quote Thomas Chippas, the CEO of ErisX, “Ethereum has real functionality and use cases, with real people, firms and governments beginning to use the network.” Bitcoin futures trading debuted back in 2017, now with ETH futures, it really shows how the crypto space is maturing as a legitimate asset class.

These are three developments that stuck out, but it doesn't even scratch the surface on Ethereum's progress in the DeFi (decentralised finance) space. We will keep you updated.



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Any opinions, news, research, reports, analyses, prices, or other information contained within this research is provided by Earle Loxton, CEO of DCX Capital (Pty) Ltd as general market commentary, and does not constitute investment advice for the purposes of the Financial Advisory and Intermediary Services Act, 2002. First World Trader (Pty) Ltd t/a EasyEquities (“EasyEquities”) does not warrant the correctness, accuracy, timeliness, reliability or completeness of any information (i) contained within this research and (ii) received from third party data providers. You must rely solely upon your own judgment in all aspects of your investment and/or trading decisions and all investments and/or trades are made at your own risk. EasyEquities (including any of their employees) will not accept any liability for any direct or indirect loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on the market commentary. The content contained within is subject to change at any time without notice.