The second largest cryptocurrency in the crypto market, Ethereum achieved another all-time high today. Yes, Ethereum reached $ 4,371 per unit on the major exchanges. Thus obtaining an increasing variation of 10% today, earlier. At the time of writing this article and according to our online crypto tool, it stands at USD 4,080.
In addition to the reasons previously mentioned in previous posts, the increase in the price of Ethereum would also be associated with the rise of the DeFi ecosystem on its network.
In this vein, yesterday the movement seen around the Shiba-Inu token stood out especially. An initiative based on the ETH network which generated significant volumes of operations on said Blockchain, greatly triggering fees and commissions to extremely high values per transaction. We mentioned this in our report yesterday.
Now, while Ethereum capitalizes on new historical highs, the main altcoins of this ecosystem recover from the day seen yesterday and are on the rise for this May 12.
We highlight that, Bitcoin is approaching USD 56,500 per unit, currencies such as Polkadot (DOT), Bitcoin Cash (BCH), Litecoin (LTC), Uniswap (UNI), Chainlink (LINK), Stellar (XLM), Solana (SOL) and others capitalize profits between 4% and 12% for today morning.
However, the best surprise of the day comes from the hand of EOS. Token of the network of the same name, which increased almost 20% in the last 24 hours and is trading at about USD $ 12 per unit.
Ethereum Reaches $ 500 Billion Market Cap For The First Time, Beating JPMorgan And Visa
The total value of Ethereum rose to $ 505 billion before declining slightly. According to data from CoinMarketCap, beating financial giants JPMorgan ($ 480 billion) and Visa ($ 496 billion).
The milestone came when the price of the cryptocurrency Ethereum reached another all-time high of $ 4,371. Recall that, Bitcoin surpassed the $ 500 billion milestone at the end of December 2020. Before reaching $ 1 trillion in February 2021. Therefore, the market capitalization of Ether is now approaching the 50% mark of Bitcoin
Uniswap surpasses Bitcoin in daily revenue
Uniswap has outperformed Bitcoin in terms of daily commission generation for two consecutive days. Cryptocurrency industry blogger Evan Van Ness observed the fee change citing figures from CryptoFees. A website that compares the daily rates generated by the major blockchain networks.
Uniswap founder Hayden Adams was quick to post about the milestone:
At the time of this writing, the website was reporting that Uniswap had generated $ 7.1 million in commissions in the last 24 hours. Against the $ 4.6 million of Bitcoin.
Vitalik Buterin thinks Uniswap should become an oracle token
UNI, Uniswap’s native token can greatly enhance its usefulness by becoming a price oracle for stablecoins, according to Ethereum co-founder Vitalik Buterin.
In a proposal submitted to the Uniswap governance platform, Buterin said that a successful DeFi ecosystem is based on a “highly secure pricing oracle.”
Noting that algorithmic stablecoins, synthetic assets, and collateralized loans all rely on oracles. The problem, however, is that Uniswap does not currently provide an oracle for the price of ERC20 tokens in the strictest sense.
“This is a problem,” Buterin explained. Adding that “algorithmic stablecoins need an oracle for the price of ETH / USD in order to function, and they specifically need an oracle for the US dollar, the off-chain fiat asset, and not any specific on-chain instantiation of the US dollar.”
Buterin’s proposal had received more than 13,800 views and 52 responses at the time of writing this post.