JP Morgan’s Ethereum (ETH) Warning Could Have Huge Benefits for Polygon (MATIC) and Seesaw Protocol (SSW)
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
Ethereum (ETH) is the second biggest cryptocurrency in the world by market cap, behind the behemoth that is Bitcoin (BTC). In 2021 ETH increased by over 500%, from USD 737 to USD 4891.7. This peak was achieved in November of 2021 and remains its all-time high. For a period of time, ETH enjoyed near-total dominance of the DeFi (Decentralised Finance) market. With the emergence of competitors like Solana (SOL), Polygon (MATIC), and Fantom (FTM), this dominance has slid from 98% to around 80%.
Ethereum has endured a less than ideal start to 2022 and has dipped by more than 40% since its peak. To add insult to injury, JP Morgan have issued a warning to Ethereum. It could be a warning to heed, given the prominence of JP Morgan in the world of investment and finance. To ETH’s competitors, it could spell the start of a more even market share. Seesaw Protocol (SSW), a DeFi project has just launched last week.
JP Morgan is a world-renowned leader in financial services, and their warning to Ethereum has already made global headlines. Managing Director of JP Morgan, Nikolaos Panigirtzoglou, stated: “it looks like, similar to DeFi [Decentralised Finance] apps, congestion and high gas fees has been inducing NFT applications to use other blockchains…If the loss of its [Ethereum's] NFT share starts looking more sustained in 2022, that would become a bigger problem for Ethereum's valuation.”
ETH’s major issue is the high gas fees that often plague its users, and creator Vitalik Buterin is looking for solutions. The long-awaited release of ETH 2.0 should solve many of the scalability issues, as well as prove to be more sustainable. Ethereum’s
Read more on cryptonews.com
