There has been a lot of confusion and conflict when it comes to Ethereum (ETH), the second largest crypto asset by market cap.
Even within the crypto community, it has been called everything from a complete scam to the ultimate use case for blockchain technology.
Why such a difference of opinion?
Well, in such a rapidly-developing technology such as blockchain, you get the extremist opinions.
For one thing, the “ Bitcoin Maximalists” feel that the only crypto asset worth believing in and developing is Bitcoin, the original and one-and-only.
Another reason is that there have been problems with the transaction speeds and scalability of the Ethereum platform, which has allowed many competitors to enter the space.
However, Ethereum has more developers working on it than any other crypto project, Bitcoin included.
They are actively creating solutions to these problems. Ethereum 2.0 will be rolled in the near future, which promises to alleviate many of the shortfalls.
So what exactly is Ethereum?
In its essence, it aims to be the world’s computer. It is a platform for building decentralized, global applications and “smart contracts” that can execute with full trust and without any intermediaries.
One of the main uses of ETH today is in decentralized finance (DeFi). ETH is locked up as reserves in many DeFi protocols. You can think of it as “economic bandwidth”. As DeFi continues to grow, more and more of this bandwidth in the form of ETH will need to be locked up. Hence, its value should increase as demand rises and less tokens are available in the market.
Currently, the addressable market for DeFi is in the multi-trillions (today’s traditional synthetics and derivatives market is $650 trillion). According to Lucas Campbell of DeFi Rate, if Ethereum captured just 1% of this market, the market cap for ETH could get in the double-digit trillions!
Of course, the naysayers who don’t believe in Ethereum, or cryptos in general, will say this is a delusional pipe dream.
My belief is this: why not make at least a small investment in ETH? If it achieves even a fraction of this potential, it will be a massive winner.
I personally believe, as many of the crypto experts do, that Ethereum has tremendous potential despite its growing pains. I don’t believe that all those intelligent developers are spending years of their valuable time and efforts on a hopeless project.
I’m happy to make this asymmetric bet!
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