Ethereum Mention Count in Twitter Surged 54% in Q3 2020
In Q3 2020, the Ethereum mention count in Twitter rose 54 percent QoQ according to a joint report by the TIE and eToro, a social trading platform. As per their report, the surge in Ethereum activity and subsequent mention was largely in part due to the expansion of DeFi. Most open finance dApps launch from the popular smart contracting platform.
DeFi is akin to money legos in finance. It seeks to disrupt traditional finance by eliminating the intermediation for trustless operations and security. In Q3, DeFi dApps and its governance tokens dominated proceedings. Since most are from Ethereum, it was no surprise that the platform’s mentions also surged in tandem. According to the report, the average number of Tweets on ETH surged from 6,541 to 10,078.
Impact on the ETH Price:
Bullish. The spike in ETH prices to spot levels is because of DeFi and its value proposition. The rise in Twitter mentions show how popular the sub-sector is and how most of these open finance platforms are domiciled in Ethereum. Tron--and competing smart contracting platforms offering DeFi lag and often build bridges to Ethereum for activity.
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