Eggg yolk!
If you didn’t know, and I think you should…...I’m an Ether head!
Why?
Well DeFi, decentralized finance is dominated by Ethereum, NFTs are dominated by Ethereum,
blockchain gaming is dominated by Ethereum.
But will that dominance last with the competition coming in hot?
Am I changing my mind...a turn of the head?
Well find out right quick...because it’s time for Chico Crypto!
So first let’s just talk about Ethereum & why I have been an Ether head for so long!
Well I saw DeFi, decentralized finance coming on Ethereum…..long before any of these other
crypto tubers did.
December 2019, I made a video “Decentralized Finance Will Lead the Bull Run Charge.
My Top Picks?”
The Top DeFi picks of mine?
MakerDAO & Synthetix...and as we can see from the video, TVL of DeFi or Total Value locked
up in the protocols was a measly 686.9 million dollars, yes just in the million DeFi was...not
even in the billions!
What was the value locked up at its peak in May of this year?
Just how much growth did we see in 1 and a half years?
Well looking at the DeFi TVL chart, 148 billion dollars.
You heard that correct...148 billion by May of 2021.
That’s a growth of over 21 thousand & 446 percent!
In just a year and a half guys and gals!
And as you can see, total value locked has fully recovered to that 148 billion since
the May crash, which brought it down to about 85 billion at its Mid May low.
So in just 3 months it has had a recovery of nearly 75 percent….it’s obvious DeFi
isn’t slowing down or waiting for Bitcoin...it has reached it’s all time high again!
So who makes up the BULK of DeFi...obviously Ethereum in the Dark Blue.
Making up about 115 billion of the 148.
Although since March of this year, 2021...other chains have been growing, adding to the TVL,
gaining their chunk of the DeFi pie!!
Now is this a cause of concern for Ethereum?
Is Ethereum going to lose ground in DeFi, while these other chains grow?
Not in my opinion….
Why?
Well let’s just decipher the 1st chain that started to grow meaningful enough, and carve
out their chunk of the DeFi pie.
That was the Binance smart chain in the purple!
Now if you didn’t know, the Nance tried to launch a chain before this, Binance Chain
or dumb chain back in April of 2019...with their own token standard, their own rules,
and no bridge back to Ethereum.
They were so confident that users would drop what they knew...Ethereum and it’s tooling
and standards, and jump right on over to their chain!
They even released timelines of moving BNB off of the Ethereum mainchain, and onto this
“new” chain!
From the Coindesk article on this “The firm said if users want to keep the ERC-20 version
of BNB tokens, they would need to withdraw it into an ethereum wallet before April 23.
After that, Binance.com will no longer support the withdrawal of ERC-20 BNB tokens.
“Please note that withdrawn ERC20 BNB tokens will only have temporary usage, as all BNB
tokens will be migrated to Binance Chain,” Binance said.
All BNB tokens migrated to the new chain!
Did this work out?
Was creating a silo’d chain that wasn’t going to be Ethereum compatible a good idea?
Nope it wasn’t...their first chain failed and it failed miserably!
That’s why they launched their second chain, Binance not dumb, but smart chain in August
of 2020.
And as we can see from promotional materials.
EVM...ethereum virtual machine compatibility & Cross-Chain DeFi Mechanisms aka we need
you Ethereum!!
Yup, they just copied Ethereum, which is obvious from their chain explorer BSCscan, a total
copy of etherscan.
They have the cross chain Bridge, for going to Ethereum and back if you need to!!
(Link #6 Binance Bridge video)
But here is what I find so interesting.
Going back to the Coindesk article on the first binance chain, the dumb chain, they
said “Binance.com will no longer support the withdrawal of ERC-20 BNB tokens.
“Please note that withdrawn ERC20 BNB tokens will only have temporary usage, as all BNB
tokens will be migrated to Binance Chain,”...that was direct quote from Binance...Well going
to BSCscan...we can see there are nearly 22 million BNB on their smart chain, well going
to the Ethereum side...there is still over 16.5 million BNB on Ethereum….pretty equal
on each chain, and if you scroll down to the top holders of erc20 BNB...it’s still Binance
and it’s centralized exchange themselves!
Wait, I thought erc20 tokens were temporary?
Now going back to the TVL chart, and the other chains who are making headway in DeFi...They
all took what Binance did...made sure to be EVM compatible, with effective bridges.
Polygon, formerly Matic, rebranded to get the Ethereum point across!
As Polygon they even have a new main sales pitch.
As we can see from their website they consider themselves “Ethereum's Internet of Blockchains”
which means of course they have a bridge like Binance…
The others on the TVL chart building some hype lately?
Terra...also has a bridge….and then Solana, they also have a bridge wormhole...but is
it live?
Well at the bottom it says “After undergoing an in-depth security audit by the smart contract
and cryptography experts at Kudelski, we're happy to announce that Wormhole is now live,
starting with support for ETH!
This is just the beginning: in the coming weeks we'll be looking to add support for
Terra as well, upgrading Wormhole to a 3 way cross-chain bridge.
And going to the actual bridge there is a warning that says “Wormhole is upgrading
on-chain contracts to v2 in next 2 weeks.
If possible please wait with moving funds, otherwise please plan for migration soon”
Maybe that is why there is Solana hype recentely...v2 of wormhole is coming soon?
Or maybe it’s something else.
Something bigger is coming!
Before we figure out what... it's time for a sponsored segment of this video supportedby
the team over at TrustSwap and like always the full details of our agreement can be found
in the description
TrustSwap is a full-service digital asset ecosystem that started with a simple idea
of providing a trustless escrow contract for p2p and OTC trades, which they accomplished
in their SmartSwaps product, but have grown far beyond the initial vision and are becoming
the go-to solution for both business and consumers,
across all major blockchains for all tool sets…
Let’s start and take a quick look at how they’ve revolutionized onboarding for new
blockchain projects..
Starting where we left off last time we reviewed them, they were just getting ready to launch
their service SmartMint… it’s where a blockchain project can create a fully audited
cryptocurrency, with customizable tokenomics all within minutes… and no coding required.
Currently available to launch tokens on Ethereum, Binance Smart Chain and now Polygon… with
additional chains in the works.
The other game changer for businesses is SmartLocks, making DeFi safer for the consumer by helping
projects easily Lockup liquidity pool tokens and Team vesting tokens in a transparent manner…
and the number of projects using SmartLocks is staggering… over 9000 projects have locked
tokens with TrustSwap totalling more than $90Billion in total locked liquidity value
and over $40Trillion in total locked token value… yes, thats a remarkably huge number
And the consumer services are just as exciting.
LaunchPad has become a top 3 global token launch platform..
In traditional finance the early-access investment is reserved for VCs only, but Launchpad changes
this by giving VC access to retail traders in a stress-free environment with guaranteed
allocations, fair distributions, no whitelisting required and you even get to avoid gas wars.
To date they’ve launched 26 projects, raising over $25Million dollars and currently have
a project in the pipeline you should go check out.
In the same dashboard LaunchPad dashboard you’ll find you can stake your SWAP tokens
and participate in Farming Pools to begin earning interest… staking also helps you
boost something called a SwapScore where you can qualify for free Airdrops and special
Fair launch Lotteries.
And with much anticipation, they’re soon to launch Swappable, a much needed user-friendly
NFT Marketplace where you can create, buy, sell and trade NFTs.
In celebration of the launch, Trustswap is running a competition where you can win free
NFT’s, SWAP tokens and other prizes and you still have time to qualify, competition
ends August 26th, links in the description.
One thing is for sure…
TrustSwap is dedicated to creating the most user friendly, feature rich DeFi ecosystem
for both business and consumers and they continue to put their money where their mouth is by
recently making a major investment and acquiring, The Crypto App, literally one of the worlds
largest and most download cryptocurrency apps on the market today, with over 2 million downloads.
This is a powerful asset that TrustSwap is now integrating their vision into, helping
them get one step closer to DeFi dominance.
So if you’re looking for a project with tons of upside and proven track record, who
delivers on every promise they’ve made and raises the bar every opportunity they can…
then TrustSwap deserves a good look.
Jump on their discord, join the Swappable competition, download the CryptoApp and have
fun going down the rabbit hole.
So Bridges on Ethereum, and Solana has wormhole, but it’s not only bridges...It’s something
bigger for Solana.
Full EVM support.
Remember, Binance dumb chain wasn’t fully EVM compatible, So the smart chain was an
EVM based chain...well Solana did a dumb chain move, they didn’t do that out the gate either,
they funked up by not making EVM compatibility a must….
But they are fixing it, Solana twitter tweeted at the end of July…”Big news -
@neonlabsorg is bringing EVM support to Solana!
Today: Start building on testnet Quarter 3: Deploy on Mainnet Beta!
That is the reason for the Solana hype lately, I bet you the EVM support and BETA is coming
soon!
So I hope you realize...this isn’t BAD for Ethereum!
This is actually a good thing.
Ethereum is proving itself to be the center of everything blockchain!
Even Cosmos, which contains both Terra and Luna, and is selling itself as the center...isn’t
really the center….Ethereum is….there is no doubt about that.
So, Now Let’s talk about Enterprise who share this same thought!
Yorke Rhodes as we can see from their Linked’n is the head and co-founder of blockchain at
Microsoft.
York tweeted 2 days ago “Prediction: Ethereum becomes the Decentralized Appstore by 2023
and gives the reasons why! - low fees vs appstore revshare
- no commerce lockin to Apple - no single point of control by one large
corporate - distributed, decentralized, single sign
in across apps - payments, identity, & commerce
Microsoft is coming to connect with Ethereum, it will even wipe out those who are not connecting..like
Apple.
Smarten up apple, like Binance and Solana did.
Cheers I’ll see you next time!