Why Ethereum Is The Backbone of The Crypto Economy

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Understandably, the attention of crypto investors is fascinated by Bitcoin. It has a market dominance of close to 40% and is the world's most widely-adopted and highest-priced cryptocurrency. However, while Bitcoin has done more than enough to take the crypto economy where it is today, in the future, Ethereum will be decisive about the industry's evolution and the speed at which it evolves.

Ethereum isn't based on a clear monetary vision like Bitcoin, so its popularity and structural importance aren't due to its cryptocurrency (ETH). Ether is just the tip of the iceberg. What proves to be the change-maker is the multi-billion dollar economy powered by the Ethereum ecosystem and its ability to adapt to its users' needs.

Today, Ethereum is the most highly versatile decentralized computing platform. It has become the centerpiece of many use-cases across the crypto economy, including anything from cross-border payments, OTC derivative settlement and clearing to building autonomous governance structures and streamlining back-office processes.

Back in the day, Vitalik Buterin developed Ethereum intending to augment and improve Bitcoin and expand its capabilities. Over the years, it managed to achieve much more. Today, it is used to program, decentralize and trade virtually anything one can think of. Furthermore, it is one of the reasons (if not the main) why the crypto industry has captured the interest of Wall Street and progressively earned the trust of regulators all across the world.

Currently, Ethereum powers between 60 to 70% of the crypto industry. So it is safe to say that without it, people wouldn't be talking about decentralized finance