The total market capitalization of all ERC-20 tokens has almost reached that of Ether (ETH).
This was revealed by the CEO of Messari, Ryan Selkis, in a recent newsletter dedicated in particular to Ethereum and the explosion of DeFi.
To date, the market capitalization of ETH is about $26.6 billion, while the sum of the market capitalization of all ERC-20 tokens has risen to $25.6 billion.
The main player among the latter is certainly USDT, as most of the USDT tokens are in ERC-20, with a total market capitalization of more than $9 billion.
However, some of the major players in the growth of the ERC-20 market cap have also been the tokens of the DeFi protocols.
Suffice it to say that there are now 15 DeFi tokens that capitalize at least 100 million each, with Aave, MakerDAO and Compound capitalizing more than 400 million.
These first three DeFi tokens per market cap are all ERC-20, as are all top ten tokens.
Hence the ERC-20 tokens now represent almost 50% of the value of the entire Ethereum blockchain, with ETH accounting for the other half.
In reality, it was the collapse of the financial markets in mid-March 2020 that led to this draw, after which it remained relatively constant despite the significant growth in the price of ETH.
Ryan Selkis revealed that the total market capitalization of all tokens on the Ethereum blockchain exceeded $52 billion, of which 51% belonged to Ether, and the remaining 49% to the ERC-20 tokens.
This is the lowest ratio ever in Ethereum’s history, and the recent growth of ERC-20 tokens is due in particular to the Crypto.com (CRO) and Chainlink (LINK) tokens, plus Tether.
As far as USDT is concerned, it went from just over 4 billion at the beginning of the year to the current over 9 billion, an increase of over 120% that has led it to exceed even XRP and become the third-largest cryptocurrency in the world per market cap.
Chainlink, which is now in ninth place overall in this ranking, since the beginning of the year has seen its price increase from $1.82 to the current $8, an increase of more than 340%. The market cap has risen from just over 600 million to almost three billion dollars.
As for Crypto.com, the eleventh cryptocurrency by market capitalization, the price rose from about $0.033 at the beginning of the year to the current $0.143, an increase of more than 330%, which brought the market cap from just over 400 million to the current $2.6 billion.