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Crypto research firm: DeFi, not CryptoKitties, is giving “real value” to Ethereum

Crypto research firm: DeFi, not CryptoKitties, is giving “real value” to Ethereum

Photo by danish ali on Unsplash

In 2017 and 2018, Ethereum seemingly had one purpose: it was a platform for crypto entrepreneurs to launch initial coin offerings.

As Avi Felman, the head of trading at BlockTower Capital, recently wrote on Twitter: โ€œThe ETH all time high price [of $1,400] is likely a red herring, and was driven by a very specific dynamic: buy ETH to place in ICOs, no sell pressure because ICO treasuries didnโ€™t think about that.” Yet with the recent growth in decentralized finance โ€” better known as DeFi โ€” analysts are coming to the conclusion that Ethereum actually has a killer use case.

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