Ready to Bank Up? — May 7

Chart of the Day

Diverging Paths. Ether (ETH) has been on a tear since August 2020 with a year-to-date return of more than 360%, largely driven by the explosive popularity of DeFi. The proportion of circulating ETH supply accumulating in smart contracts has far eclipsed the amount of ETH held in centralized exchanges at 22.8%, indicating significant market demand for DeFi-related products. It is evident that the interest in DeFi has not waned, as the gap between both measures continues to widen in greater magnitude.

Talk of the Town

Banking on Crypto. New York Digital Investment Group (NYDIG) is spearheading a new initiative to bring digital assets right to the doorsteps of retail investors via, well, traditional banks. If rolled out successfully, any regular American would be able to buy, sell and store crypto at even the smallest of banks in their vicinity. Who’s on board? According to a representative from NYDIG, several hundred smaller U.S. banks are ready — Time to snatch a share of the much-coveted crypto pie.