Crypto Currency News

Ethereum surpasses bitcoin in profits obtained in the last year

DeFi applications are mostly built on Ethereum, where ETH is the main currency.

Chainalysis claimed that ether (ETH) overtook bitcoin (BTC) as the top crypto asset by earnings last year, with $76.3 billion in fiat profit, compared to bitcoin’s $74.7 billion.

According to a study by blockchain intelligence and analytics firm, the biggest gains made by ETH holders are likely a result of the rise of decentralized finance (DeFi) in 2021, arguing that DeFi applications are primarily built on Ethereum, where ETH is the main currency.

Overall, the global analysis reveals that total earnings, counting all crypto assets, were significantly higher than the previous year. Across all the crypto assets that Chainalysis tracks, investors around the world made total profits of $162.7 billion last year, compared to $32.5 billion in 2020.

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The results provided by Chainanalysis support the idea that many developing countries have adopted cryptocurrencies in different real-world use cases, beyond DeFi. This includes remittances and the use of crypto assets as a form of protection against inflation and currency devaluation.

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