Joey Krug, co-investor of crypto-centric hedge fund Pantera Capital, predicts that leading altcoin project Ethereum could become an integral player in global financial systems. Talking about the contribution of the DeFi and NFT sectors to this situation, Krug is confident that ETH can act as a “base” after the transition to PoS.
Joey Krug: A very large percentage of global financial transactions will touch Ethereum
Hedge fund manager Joey Krug hopes Ethereum will become an integral player in the global financial system. told. In a recent Bloomberg interview, Krug predicts that over 50% of all financial sector transactions may involve Ethereum, citing the technology’s underlying assets. He points out that although Ethereum is facing competition, the platform’s position can be indisputable, referring to aspects such as minimal swap:
There is a lot of swapping that other Blockchains do that Ethereum doesn’t on the decentralized side, which is pretty important. If you turn the clock forward 10 to 20 years, a very large percentage of the world’s financial transactions, perhaps even over 50%, will touch Ethereum in some way.
- According to Krug, continued network development will play a key role before Ethereum reaches the milestone and shakes up the competition. He believes that once Ethereum makes the switch to the PoS protocol, the platform can serve as a foundation for competitors to build their projects.
Altcoin transaction fees (gas) peak
Overall, notable use cases in Ethereum, DeFi and NFT industry was among the prominent platforms. As a result, the value of Ethereum has increased significantly. However, the network still faces a significant pain point in the transaction fees series. According to data provided by Glassnode, as of January 9, Ethereum’s seven-day average paid total fees reached $1,882,360, the ATH level. Ücredollarser continued to skyrocket given last month’s record high of $1,881,803 on Jan.
Notable, fee concerns appear to be affecting Ethereum holders looking to move their crypto. As Kriptokoin.com , the number of Ethereum addresses with non-zero balance reached the ATH level of 71,364,788 on December 29, 2021. While the metric can be seen as a milestone for adoption, the Ethereum community has noted that most wallets may have small balances and their holders are unable to transfer them due to high fees.