Cathie Wood Declares Support for Ethereum and Its DeFi Ecosystem

Jafrin  |  Aug 6, 2021

The CEO of ARK Investment Management Cathie Wood has shown her support towards Ethereum blockchain and its decentralized finance (DeFi) ecosystem in her latest tweet.

Cathie Wood Shows Support Towards DeFi Ecosystem

Woods has long been a supporter of the second-largest cryptocurrency by market cap, having her company invest in about $20 million in Grayscale Ethereum Trust or holding about 639,069 shares of the Grayscale Ethereum Trust as of June 30.

On top of that, ARK has also invested in Grayscale Bitcoin Trust in about 8.67 million shares of Grayscale’s Bitcoin Trust valued at nearly $298.07 million as of June 30.

Even though Ark’s exposure to the Bitcoin Trust is higher than the Ethereum Trust, the year-to-date returns of the latter have been more fruitful.

Vitalik Buterin Confident Over Upcoming ETH 2.0 Merge

Speaking to Bloomberg on August 5, Ethereum co-founder Vitalik Buterin stated the London hard fork is a success and “proof that the Ethereum ecosystem is able to make significant changes.” He further says that the upgrade has given him more confidence over the upcoming merge to the Eth 2.0 chain.

The co-founder of Ethereum even added that EIP-1559 is “definitely the most important part of London” with the upgrade resulted in the burning of more than 3,500 ETH worth approximately $9.8 million at the time.

The event had paved the way for the migration to proof of stake from its current stance as a proof of work blockchain network, which could correct address some of its current issues, such as scalability and high network fees.

At the time of writing, Ethereum was trading over 5% from the past 24 hours and is currently priced at $2,758. The cryptocurrency has made an impressive 37% over the last two weeks and is up over 280% so far this year.

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