Five Years Since Launch, Is Ethereum Creating a New Boom?

Sunday 11 August 2020, 11:35 AM AEST - 3 days ago

The Ethereum network has just turned five years old. Although the project was first announced at the North American Bitcoin Conference in January 2014, its genesis block was only mined on July 30, 2015. Since then, Ether (ETH) has become the dominating altcoin in market capitalization, popularity and network value settlement, having even surpassed Bitcoin in the latter.

Ethereum was created with myriad possibilities in sight, allowing for smart contracts, powerful tokenization, complex decentralized applications and decentralized fundraising campaigns. The latter of these became extremely popular in 2017, as initial coin offerings took over the crypto space and amassed incredible gains for participants.

Picture 1Picture 1Could DeFi be the new ICO?

Ether became the primary funding mechanism for ICO projects. As said projects and their underlying ERC-20 tokens left the ICO stage, speculation for their tokens grew, and so did the price of Ether, whose price reached an all-time high of $1,412 on Jan. 10, 2018. Although currently far from that number, ETHs price reached a 2020 record of almost $357 on Aug. 1.

Although ICOs helped take the cryptosphere to new heights, the hype was short-lived, and the entire crypto market came crashing down at the start of 2018. Shortly before, the United States Securities and Exchange Commission had announced that ICOs were considered security offerings and began a crackdown to protect investors.

Now, some worry that Ethereum is heading down a similar path like in 2018 with the growth of DeFi. While regulatory oversight has

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