DeFi, Stablecoin-Led ERC20 Tokens Eclipse Ethereum in Combined Network Value

Ethereum-issued tokens, such as the ERC20 and ERC140 standard, are now worth more than the protocol’s ETH currency. Tokens built on Ethereum – over 90 percent of all cryptocurrencies in the ecosystem – are now collectively worth more than the network itself.

Russ noted the market cap for all ERC20 tokens topped $33 billion, edging out ETH’s market cap of $27 billion. In May, Messari’s Watkins said ETH’s use in DeFi helps to solidify its position as Ethereum’s primary store of value.

Timeline of Ethereum