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Crypto Expert Says More Investors Are Attracted to Ethereum for Stablecoins and DeFi

Yiran Dai

Summary: Purchase of Ethereum is escalating in the real world, said Spencer Noon, the head of crypto investments at DTC Capital, a crypto investment fund.

Purchase of Ethereum is escalating in the real world, said Spencer Noon, the head of crypto investments at DTC Capital, a crypto investment fund.

Noon attributed the growing demand of ETH to investors’ increasing interest in stablecoins and decentralized finance (DeFi). “We can see the demand for blockspace is mostly driven by stablecoins and DeFi, which together account for >63% of fees paid,” Noon wrote on Twitter to analyze a total of $3.5 million in fees captured by ETH miners over the last 30 days.

Crypto asset management company Grayscale’s Q1 2020 Report recorded the highest ever quarterly inflow of Grayscale Ethereum Trust of $110 million, which indicates expanding institutional enthusiasm for ETH.

By Yiran Dai

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