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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum “Anti-Network Effect” Shows “DeFi Has Outgrown” The Altcoin

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
ethereum defi crypto altcoin

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Ethereum broke out over the weekend and looks primed to follow in Bitcoin’s footsteps by shattering its former all-time high and soaring far higher. But while Bitcoin prices climb, there has been minimal impact on the underlying network, nor has there been a sizable increase in fees that characterized the 2017 peak.

Meanwhile, ETH gas fees are spiking again as interest turns from Bitcoin to DeFi, and one analyst says that it has, unfortunately, put a spotlight on Ethereum’s “anti-network effect” and how much decentralized finance has outgrown the smart contract focused network.

Investment Firm Managing Partner: DeFi Has Outgrown Ethereum

Ethereum was the first crypto asset to explode in 2020, resulting in the first major really to start the year. The top of that run was in when pandemic-related lockdowns first began, causing widespread panic and the Black Thursday selloff.

After a few months of stagnancy due to leftover fright, a sudden boom driven by decentralized finance revived not only Ethereum, but it helped to turn sentiment bullish enough for Bitcoin to break out as well.

Related Reading | Ethereum Transaction Fees Rising Hints At DeFi Season Round Two

The summer of DeFi only came to an end when ETH gas fees reached prices so high, it made it so using the tech didn’t make much sense financially.

But when using DeFi becomes hindered by the network these applications live on, it is a sign that the subsector of crypto has outgrown Ethereum, according to Managing Partner of Multicoin Capital, Tushar Jain.

ethereum defi

Ethereum has had a major breakout, but still is holding DeFi back | Source: ETHUSD on TradingView.com

How Soaring ETH Gas Fees Hold Back The Category Of Crypto

Jain says that “Ethereum is suffering from anti-network effects.” He explains the situation as a scenario where each “new user makes the system less usable for other users by crowding them out.”

The sudden increase in ETH gas fees comes from the slew of activity on the automated market-making platform Uniswap. Uniswap was the darling of the DeFi trend over the summer months and is the platform of choice to swap ERC20 tokens.

Related Reading | Analyst: Post Bitcoin, Traditional Finance Will Flock To DeFi, Not Ethereum

But because ETH gas currently costs nearly $100 per trade, according to Jain, network utility is taking a hit. The more users that flock to DeFi, the worse and more expensive this situation will get.

Ethereum scaling is one solution, but ultimately, another smart contract platform or one of the many “Ethereum killers” from past bull runs, could finally capture some market share from the currently top-ranked altcoin.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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