 | Ethereum is home to the largest sectors and protocols in the digital asset industry. Most notably DeFi, NFT's, GameFi, and much more. The native asset of the Ethereum ecosystem is $ETH (Ether) which is the spark that ignites all economic activity in the ever expanding ecosystem. Because Ethereum is an immutable blockchain, this allows for a plethora of newly designed applications to be built that were not possible before. The immergence of this technology has led to autonomous software that operates in a completely transparent & inclusive nature. DeFi alone has catapulted into a multi hundred billion dollar industry. On the Ethereum network alone there is over $115b worth of value locked in various DeFi protocols all built on top of the immutable network we know as Ethereum. The traditional financial system is non inclusionary mainly opting for accredited investors, non transparent actions, and private ledgers. On the contrary the digital asset space opts for total inclusion, full transparency and public ledgers. a complete paradigm in thought. Various DeFi protocols have shown first hand autonomous software controlled by no central authority can operate at massive scale all without the need of centralized authority. No need for credentials, proper credit score, or even an official identity. It is not often stated how powerful it is that all application's transactions are publicly recorded on chain to be viewed by anyone. Everything is 'out in the open' to be observed whether it be bad or good actors. It will all be seen and finalized on the immutable blockchain. With the emergence of autonomous software it has to be governed by someone... right? This is why the 'age of the DAO' has begun. Rather than top to bottom hierarchies we now have applications that decisions are made by the consensus of governance holders. Many DAO's may operate in very different fashions based on numerous aspects (that is a thread for another day). Still beyond the confusion of DAO structure and lack of infra we have seen many multi-million dollar treasuries accumulate massive wealth waiting to be deployed. One of the most exciting yet surprising 'craze' this past year has been through NFT's. Mainly pfp speculation but the underlying technology non fungible tokens offer, allows for many great use cases and endless utility. NFT's have onboarded millions of new users to Ethereum Game-Fi has been a great addition to the Ethereum ecosystem as a new genre of gaming/entertainment is taking rise. Play to earn games (P2E) finally offer a way for digital items and ecosystems to truly have ownership and value. Of course fueled by NFT's & immutable blockchains. Some Game-Fi games already boast multi billion dollar market caps and I would make the claim we are at quite frankly still at the infant stage of Game-Fi adoption. We also have yet to see many major gaming corporations fully commit to blockchain based games. I can only refer to certain games belonging to very limited ecosystems mainly linked to their game creators. I imagine a world where they are all connected via the Ethereum ecosystem with all of their digital belongings secured by the network, not to be tampered with. One of the most prominent 'issues' that has risen from Ethereum's flourishing ecosystem is massive demand for block space, leading to most average users being priced out when transacting on Ethereum. This is a feature not a bug! (cliche statement I know) Most of Ethereum's activity will transfer over to rollups which offer far more throughput while still secured by Ethereum. This also seems to be vastly overlooked but the L2's we are now just seeing begin to gain adoption will eventually be the home for all Ethereans. Rollups will pay massive amounts for the security we all *need*. It seems everything will always come back to the native asset $ETH. A coin that captures most all economic activity on the world's future settlement layer, Ethereum. There are so many mental models to describe a blockchain whether it be a city, a virtual machine, a network etc. All are applicable given their context but I will always refer to Ethereum as a flourishing ecosystem. ⟠ [link] [comments] |
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