Much of the ICO boom in 2017 was driven by massive surges in ETH prices — with scammers, aspiring technologists choosing the Ethereum protocol to issue their tokens, and reap some profits off the frenzy.
At the time, currently available stablecoins were either not popular or didn’t exist, meaning token holders had to sell their holdings to either ETH or BTC, and then convert to USD to fully cash out.
The above, among other reasons, form part of why stablecoins have killed the narrative for Ethereum to be used as an onboarding currency of choice — in terms of both currency and technology aspects.
Stablecoins killing the ETH narrative
Messari analyst Ryan Watkins said Wednesday that no “direct reason” exists why ETH must rise as DeFi tokens surged. The latter, in all regards, is already showing signs of ICO-like returns, with some rather unknown tokens surging up to 10,000 percent in the past week.
Watkins quoted Qiao Wang, an ex-Messari product lead-turned-investor, who said back in 2019 that stablecoins had “killed the chance” for some platforms to be significant to profit-seekers… Read More