Vitalik Buterin has identified some events that take place in the ETHUSD - ecosystem that he finds particularly stimulating.
What happened to stablecoins, which is an essential component for utilizing cryptocurrencies as a medium of money?
In a blog post, Buterin said that stable coins would be a boon for many types of currency and savings applications that are already concretely useful for millions of people today.
Why It Matters: Buterin considers DeFi the second most important development of the industry, and he believes that stablecoins are the foremost among the DeFi products. He said that stable coins are the most important DeFi product and are probably forever will be the most important, but there are a few others that have an important niche.
He noted that DeFi has gone from being a relatively humble start to an overly-funded phenomenon with risky yield generation and is currently in the process of settling into a secure, dependable medium with a focus on a few valuable applications.
Buterin is enthusiastic about the Ethereum Name Service ENS, which allows people to own custom domain names instead of their regular criptocurrency addresses.
He has identified DAOs as a major part of the ETH ecosystem.
According to Benzinga Pro, ETH was trading at $1,261, at the time of writing.
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