Ethereum (ETH) enthusiasts explained why Ether might be terribly undervalued compared to Visa and Amazon
On the eve of the transition to proof-of-stake (PoS) consensus, the Ethereum (ETH) ecosystem is growing faster than Amazon (AMZN) in its early years: check out these numbers.
Ethereum (ETH) demonstrates faster growth than Amazon, has larger TAM and almost five times lower market cap
Anonymous Ethereum (ETH) enthusiast @odin_free, a community activist of StarkNet scaling solution, noticed that the Ethereum (ETH) network reached 11-digit valuation much faster than the leading Web2 company.
Ethereum (ETH) generated $10 billion in revenue in less than 80 months. For digital conglomerate Amazon, that achievement took twice as long.
Analyst Adriano Feria, software engineer and another Ethereum (ETH) supporter, shares two more metrics that prove that Ethereum has a much healthier and more promising economy than Amazon.
Amazon market cap: $1.55 trillion. #Ethereum market cap: $335 billion. $ETH’s revenue grew twice as fast as Amazon in its early years, it has a much larger TAM, and its market cap is only 23% that of $AMZN.
Although Ethereum’s (ETH) market capitalization is only 23% of Amazon’s; Ethereum (ETH) has a much larger total addressable market (TAM) size and grows faster.
Ethereum 2.0 deposit contract overtook Toyota by market capitalization despite falling ETH prices
Anonymous Web3 follower @tom49coffee added that Ethereum (ETH) processed 4.5 times more transactions than the Visa card system in 2021.
At the same time, Visa’s marketcap is 33% larger than that of Ethereum (ETH).
Yesterday, amid the exhausting fall in the crypto and equity markets, the price of Ethereum (ETH) fell below $2,900. Despite this dip, the Ethereum 2.0 deposit contract regularly prints new records in terms of locked value.
By press time, 9,070,000 Ethers are sitting in ETH2 contract. It equals to $24.8 billion, so the Ethereum 2.0 contract eclipsed Toyota Industries (Nikkei: 6201.T) by market capitalization.
Ethereum 2.0 Deposit Contract Reaches All-Time High
As Ethereum is getting closer to switching PoW off, more people decide to invest in Ethereum 2.0 deposit contract
According to Glassnode on-chain analytics service, the total value of the deposit in the Ethereum 2.0 Deposit Contract has reached a new ATH of 8.8 million ETH as the main asset’s retrace down is still in progress.
As the chart suggests, the value of the assets invested in the deposit contract has been increasing progressively with almost no spikes up or down. In general, traders are able to see the correlation between the value of invested funds in the contract and the price of Ethereum.
What is Ethereum 2.0?
Ethereum 2.0 is the next version of the widely known Ethereum network. The update of the system is a crucial part of the future of the whole blockchain ecosystem. The main goal of the update is to change the proof-of-work (PoW) validation protocol to proof-of-stake (PoS). Instead of miners confirming transactions, the same role will be transferred to validators who will include transactions into the block.
Rewards that were previously received by miners will now go to Ethereum validators. The change in the system will make the network more “green” by reducing the energy required for the creation of new coins.
