In a recent statement, Ethereum co-founder Joseph Lubin expressed confidence in Ethereum's Ether surpassing Bitcoin as a "monetary base" in the future. Lubin's assertion is based on the growing adoption of staking and decentralized finance (DeFi) infrastructure by Wall Street institutions.

As the cryptocurrency market continues to evolve, the concept of a "monetary base" has gained prominence. In this context, a monetary base refers to the total amount of a cryptocurrency in circulation that is available for use as a medium of exchange and store of value. Bitcoin, as the first and most well-known cryptocurrency, has traditionally held the position as the dominant monetary base in the market.

However, with the rise of Ethereum and its native cryptocurrency Ether, there is a growing belief among industry insiders that Ether has the potential to surpass Bitcoin in terms of its utility as a monetary base. This shift is driven by the unique features and capabilities of the Ethereum network, which has become a hub for decentralized applications and smart contracts.

One of the key factors contributing to Ethereum's potential as a monetary base is the widespread adoption of staking. Staking is a process by which users lock up their cryptocurrency holdings to support the network's operations and earn rewards in return. Ethereum's transition to a proof-of-stake consensus mechanism, as part of the Ethereum 2.0 upgrade, has incentivized more users to participate in staking, thereby increasing the supply of Ether that is locked up and unavailable for immediate circulation.

Additionally, the explosive growth of decentralized finance (DeFi) applications on the Ethereum network has further bolstered Ether's position as a monetary base. DeFi platforms allow users to access a wide range of financial services, such as lending, borrowing, and trading, without the need for traditional intermediaries. The popularity of DeFi has driven significant demand for Ether, as it is used as the primary medium of exchange on many of these platforms.

Wall Street institutions are increasingly taking notice of the potential of staking and DeFi on the Ethereum network. As these institutions integrate these technologies into their ecosystems, they are likely to contribute to the further adoption and use of Ether as a monetary base. Lubin's prediction that Ether will flip Bitcoin in this regard underscores the growing confidence in Ethereum's long-term potential as a leading cryptocurrency platform.

Overall, the evolving landscape of the cryptocurrency market, combined with the innovative features of the Ethereum network, positions Ether as a strong contender to challenge Bitcoin's dominance as a monetary base. With

Source: https://cointelegraph.com/news/consensys-founder-predicts-100x-ether-surge-as-wall-street-adoption-grows?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound