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As crypto markets hit new highs, Ethereum lags behind, prompting traders to look to Elluminex for the next big breakout.
Crypto markets are heating up, with multiple assets reaching all-time highs. However, Ethereum has seen relatively slow growth. But, in 2017, the situation was different. At the time, Ethereum saw a huge rally, rivaled only by Bitcoin’s strong growth.
Fuelled by massive adoption, tech advancements and the ICO boom, Ethereum grew tremendously. This secured it the second spot among all crypto assets. Now, traders are looking for the next token that can replicate Ethereum’s early success. Most recently, some are looking at Elluminex.
Ethereum rose 17,000% during 2017 rally
Ethereum’s 2017 bull run was one of the biggest market rallies in crypto history. At the time, in January 2017, Ethereum (ETH) traded at just $8. Fast forward to January 2018, the token was at $1,400. This growth amounted to a stunning 17,000% increase in just one year.
Several factors made this growth possible, including both its fundamentals and market dynamics. Critically, Ethereum underwent a revolution in smart contract functionality. The network introduced tools that would let developers build complete decentralized applications (dApps). This uncovered many use cases for the network, bringing developers and users to the chain.
For that reason, the crypto space saw an Initial Coin Offering (ICO) boom, as developers issued tokens for their dApps. Moreover, smart contract functionalities of the chain enabled traders to easily launch their own tokens. This brought unprecedented levels of crypto projects to the Ethereum ecosystem. The explosion of crypto projects brought significant capital, boosting Ethereum’s price and network Total Value Locked (TVL).
For both these reasons, Ethereum became the default network for dApps and DeFi applications. Currently, it still holds dominance, controlling more than 53% of all blockchain TVL. Currently, the TVL on the chain amounts to $65 billion, while ETH’s market cap is $403 billion.
Thanks to its unparalleled utility, Ethereum became the second-largest crypto asset, rivalled only by Bitcoin. Now, traders are looking for the next token that can replicate its early success.
Elluminex to put TON into overdrive
While Ethereum still holds dominance, the chain has its issues. Slow network speed and high fees prompted several alternatives to pop up. These include Tron, Solana, and more recently TON. It is this latest challenger that has significant potential to eat into Ethereum’s dominance.
Like most other high-efficiency chains, TON boasts lightning speeds and very low fees. At the same time, it has the unique advantage of its Telegram integration. Thanks to Telegram, TON has access to over 950 billion of the messaging app users. This has already led to significant growth for TON.
Last year, TON saw a 800% rise in network TVL, becoming the fastest-growing blockchain. Now, a new project has the potential to help TON rise even higher. Recently, TON gained its own dedicated DEX, Elluminex (ELX).
TON’s Elluminex is a DEX platform that enables self-custodial trading across 40 major blockchains. Thanks to its cross-chain bridges, it bridges TON with most other chains. This not only reduces slippage, a major issue for DEX, but also boosts liquidity.
The potential Elluminex has for TON is significant. By bringing in more liquidity to the network, TON’s TVL and market cap could soon reach their true potential.
For more information about Elluminex visit the links below: website, Twitter, and Telegram.
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