THE MASSIVE ADOPTION OF ETHEREUM
Compared to Bitcoin, which only saw a 20% growth in 2022, the total number of Ethereum owners increased by 280%. The need to have access to layer 2 networks like Arbitruim and Optimist is what drives Ethereum ownership. We can all agree that there is high demand for purchasing NFTs and gaining access to those sweet staking benefits, but regardless of the motivation, the figures speak for themselves: 280% in a year, and that occurred during a bear market. You should be aware that in 2022, there were 425 million users worldwide of cryptocurrencies.
Even in a bad market, Ethereum is deflationary, and as of right now, over 5,000 have been lost. NFT purchases account for 80% of all new cryptocurrency users. It seems like NFT is one of the factors pushing crypto into the mainstream. Even if other blockchains like Solana, Polygon, and others trade some NFTs, they do not trade them as frequently as Ethereum, which accounts for about 75% of the NFT trading volume. You will need to purchase NFTs to do that because the majority of those new wallets are being developed on Ethereum. Above all other chains, Ethereum has maintained a significant development advantage. It even has 2.5 times as many developers as Polkadot, the chain that is the next closest.
Account Abstraction, a revolutionary new feature from Ethereum, will be released. This removes one of the largest barriers to adoption that we observe, which is human mistake, and enables safer crypto use by everyday people. The idea is to leverage smartcontract execution, which will free you up from having to approve each transaction individually and will, of course, be implemented for gambling, bill-paying, and macro transactions. By using code rather than physical keys to control this type of account, the goal is to make using Ethereum as simple as using your bank account. This also eliminates the risk of losing your private keys. Ethereum and cryptocurrencies more generally actually enter the mainstream in this way, and it will happen later.
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There are a lot of thing that will be a catalyst that will drive adoption in the crypto markets.