Ethereum has printed another all-time high on news of an important milestone in financial securities issuance adoption on its blockchain, this time from the European Investment Bank (EIB).
Bloomberg reported that the EIB successfully issued the €100 million bond on the 28 April.
Ether, the native token of the leading smart contract and decentralised application platform, is currently priced at $2,778.
US investment bank Goldman Sachs and Spanish-based global bank Banco Santander SA and France’s Société Générale investment bank were the joint managers for the debt security notes.
The EIB is the European Union’s investment banking arm. Buyers of the note will use fiat to purchase the bond tokens, which come with a 0% coupon.
Ethereum has been closing the dominance gap with bitcoin over the past few weeks, with BTC accounting for 48% of total crypto market cap and ETH on 15%. Bitcoin dominance is at its lowest level since July 2018.
Ethereum all-time high on bullish tailwinds
JPMorgan issued a research note earlier this week in which it highlighted the “bullish tailwinds” for Ethereum against a background of strengthening adoption, according to Bloomberg.
“In the case of Ether versus Bitcoin, there is evidence of more resilient liquidity, less reliance on derivatives markets to transfer and warehouse risk, and more durable underlying demand base — for now at least,” wrote the bank’s strategists.
Despite a growing number of competitors, Ethereum is far and away the most popular platform for developing applications on and launching NFTs and other utility tokens.
However, the fees for executing transactions on the network are expensive, providing an opening for cheaper competitors such as Binance Smart Chain, TRON, NEO and and EOS.
But the Ethereum team isn’t resting on its laurels as it pushes ahead with a major over haul of its protocol to increase transaction throughput and reduce fees. The market likes what it’s seeing as Ethereum all-time highs are coming thick and fast.
Eth2.0 will see the Ethereum network break from proof of work in favour of proof of stake. In the new system, instead of depending on mining to verify transactions, verifying nodes will have to lock up 32 ETH on the system to qualify to become a network ‘bookkeeper’
The Eth2.0 mainnet is scheduled to launch some time in 2022.