Its hard to say what kind of year 2019 will be for blockchain and cryptocurrencies. This kind of entanglement is like a Friday night in October, when a friend who has not been in contact with you for a long time suddenly asks you excitedly about what blockchain is, and at the same time looks at you with the eyes of an upstart, and you can only silently To put it bluntly, I dont quite understand either.
Similar to this is the situation of the public chain. Ethereum is going farther and farther on the road of Defi, and EOS always makes people think whether BM will start the fourth project next month, and the hope of domestic public chain is a good person in the currency circle, QR code Mr. Sun, the master of the Internet, even started to go overseas to buy exchanges.
Behind the entanglement of the public chain, there is the pressure brought by the recent rise of the alliance chain, and more is the question that has been surrounding every public chain: What can I do? This kind of embarrassment is as if you have seriously built a Dapp platform, only to find that the most popular Dapp involves sensitive words, and in the end you either pretend to be an ostrich, or talk about the stars and the sea with users.
If you look at the most active token data on Ethereum, ERC-20 Tether is still the champion. Among the stablecoins, DAI and USDC are also at the forefront.
The number of Tethers contract address transactions on Ethereum has exceeded 12 million. Whether it is Tokens sender, receiver, or the number of transactions, Tether ranks first. At the same time, the transfer of USDT on Ethereum once caused the congestion of the entire Ethereum network.
We know that the public chain network is completely maintained by miners. The incentives for miners come from two parts: block explosion rewards + handling fees. In a sense, block explosion rewards can be seen as a subsidy given to miners by the public chain in order to promote itself, while the handling fee can reflect the real value of the public chain from the side. So can we draw a less rigorous inference: for the public chain, the easiest way to implement it is to find a stable currency issuer to issue stable currency on its own chain. After all, not every developer can create a Dapp with the following activity:
Of course, not every stablecoin is a Tether. Whether it is USDC, PAX, TUSD, or DAI, at the current point in time, the popularity is far inferior to that of the big brother USDT.
An obvious trend is that the net issuance of the three relatively mainstream stablecoins USDC, PAX and DAI in 2019 has decreased compared with 2018. And the net issuance of GUSD in 2019 has directly turned into a negative number. And there is no stablecoin on the chart that can reach the order of 100 million. For comparison, what does Tethers 2019 transcript look like?
In the past year, Tether burned 745 million USDT on the OMNI chain and issued 1.965 billion USDT on Ethereum, which does not include the 916 million USDT issued by Tether on the TRON chain.
We also calculated the transactions related to Tether and Dai, the two largest stablecoins on Ethereum, and obtained the sum of the transaction fees related to these two stablecoins:
As of December 15th, the total transaction fee of ERC-20 USDT on Ethereum reached 12291 ETH, and that of Dai was 9498 ETH. The daily service fee contributed by USDT and Dai accounted for nearly 8% of the daily Ethereum network service fee, and the number of existing Tokens on Ethereum has exceeded 230,000.
Of course, Tether has its own problems. The lack of auditing and opacity of reserves has been criticized, which has led many people to think that USDT is the sword of Damocles on the top of the industry. But here we are only seriously discussing the landing of the public chain, and it is good to selectively ignore this kind of gossip.
So when we discuss the future of the public chain again, should we add another dimension of judgment—whether there are real on-chain activities to provide enough on-chain handling fees. Whether it is the issuance of stablecoins or indescribable Dapps, or even taking a step back, at least there has been a gossip with a certain stablecoin issuer?
