Ethereum Receives Accolades From Weiss Ratings as Social Engagement Improves

Ethereum’s performance in 2020 cannot be taken lightly as the second-largest digital asset has registered a growth of 125 percent over the first 44 days of the year. Its valuation increased from $128 on 1^st January to a yearly-high of $287 on the 14^th of February. Over the past three weeks, along with the collective industry, ETH witnessed a price slump but the token has been able to maintain its position above $200.

“Ethereum is pushing our Industry Forward”-Weiss Crypto Ratings

According to Weiss Crypto Ratings, a popular crypto rating entity, Ethereum is currently carrying the torch forward in the industry and suggested that the network is at a perfectly placed in the ecosystem from a perspective of trading or building decentralized applications.

Weiss’s reactions came at the back of Anthony Pompliano’s recent blog post about Ethereum where the popular Bitcoin proponent described Ethereum’s ideology as a currency to be fundamentally inaccurate. Anthony Pompliano went on to draw a comparison between Ethereum and fiat-money which attracted significant criticism from the community and Weiss Crypto Ratings was at the front of the pack.

The rating agency hinted a jab at Anthony Pompliano without taking his name directly and stated,

“We’ve seen people call #ETH “fiat money” while praising governments for their efforts to introduce their own “digital currencies” as it relates to crypto.”

It is important to note that Ethereum’s Decentralized Application-DeFi has been rising steadily over the last 6 months and has recently raised more than $1 billion worth of assets under its DeFi protocols.

Pompliano acknowledged the above sentiment and stated that DeFi is an important part of the digital asset ecosystem and it would likely represent and hold a significant place on the global financial system with time.

Ethereum Social Engagement continues to grow

In spite of receiving heavy criticism over the week, According to LunarCRUSH, Ethereum continued to claim a higher social engagement over the past few days. The organization which analyses various factors of social engagement including likes, comments, retweets, etc, etc indicated that ETH’s social volume has improved over the past day.

According to statistics, social engagement in the past 24-hours has improved by 12.7 percent and the token was 76 percent bullish in the digital market industry at press time. The number of posts in terms of social volume also increased, registering a hike of 25.2 percent over the previous day.

ProgPoW yet to be integrated with Ethereum

The current rise in social engagement could be due to Friday’s ETH core developer’s call. Ethereum hardfork coordinator James Hancock revealed that ProgPoW will not be a part of the hardfork that would be scheduled forward. Core Developers believed that at the moment the community was majorly anti-ProgPoW, and a change cannot be pushed ahead if there is a lack of support for the implementation.

With the future yet to be decided, it was pointed out during the call that both the supporters and opponents of the ProgPoW protocol wanted to avoid a disrupting chain split.