All About Ethereum: Fun Facts About This Top Crypto

If you asked the average person to name a cryptocurrency, they would probably say Bitcoin. After all, it is the most famous token in the world. But right behind it is Ether, the native token of the Ethereum blockchain and one of the top tokens in the world.

While it is not as famous as Bitcoin, Ethereum is a very unique token and ecosystem in its own right and anyone interested in cryptocurrency should know about it. In this article, we’ll break down some of the fun facts about Ethereum, from the surprising to the downright bizarre:

Ethereum Can Be Used For Gambling 

The idea of a cryptocurrency being used for gambling might be novel but it is very much a reality of the modern world. Many casinos accept cryptocurrency alongside fiat currency or even exclusively. So if you’re looking for an Ethereum casino, you can easily find one.

These casinos offer all sorts of titles, from the classic casino games to the more modern ones and even sports betting. By using these casinos, you could increase your crypto stash while enjoying more privacy and control. While this isn’t limited to Ethereum alone, it is one of the more popular tokens used for gambling. 

Ethereum is Second Only to Bitcoin 

Even though Bitcoin is the top crypto in the world, Ether is right behind it. In fact. Ether is second only to Bitcoin in terms of popularity and market cap. As of this article, Bitcoin has a market cap of $1.3 trillion and Ethereum has a market cap of $435 billion. 

Interestingly, 2024 saw Bitcoin being approved for a spot ETF by the Securities and Exchange Commission in the United States. This saw the price of Bitcoin spike to a new all-time price high and it is now rumored that Ether will be the next token to get the same treatment. 

Ethereum’s Founder Created Another Crypto 

One of the co-founders of Ethereum is Charles Hoskinson, an American entrepreneur. But this wasn’t his last foray into the world of crypto. He went on to co-found Cardano, another prominent blockchain. The idea of Cardano was partially to improve on some of the issues he felt Ethereum had, including scalability and security. 

Cardano is part of a class of tokens called ‘Ethereum Killers’ that are believed to be replacements for Ether. Their existence has constantly ignited conversation about whether or not Ethereum is a worthwhile network or a flawed one. These debates have been raging for years and show no signs of stopping soon. 

Ethereum Changed Its Network Consensus Mechanism

Blockchain networks operate using consensus mechanisms that determine how new tokens are released into the market and how transactions are confirmed. For years, the Ethereum network used a proof-of-work mechanism that was very energy-intensive and drew a lot of criticism from environmentalists. 

But in 2022, the Ethereum Foundation announced that it would be switching to a proof-of-stake mechanism. Once this was done, the amount of energy that the network used dropped by over 95%. This also meant that Ether tokens could be staked for interest. This has been one of the most significant changes to the network thus far and has significantly improved its public perception.

Ethereum is Used For Many Applications 

Ethereum is the foundation for the Ether token but beyond this, it has proven to be one of the most popular blockchains for the develodecentralizedntralised {D’apps), non-fungible tokens (NFTs), metaverses, and so on.

A plethora of Decentralised Finance (DeFi) applications have been built using Ethereum and this means that transactions are completed on them using Ether. Major NFT marketplaces denominate sales in Ether and many metaverses leverage Ether for users. This not only makes Ethereum one of the most prolific blockchains in the industry but this ensures its use even outside of speculative crypto trading. 

Ether is Unlimited In Supply 

One of the interesting features of Ether is that its total supply is not limited. This means that, technically, new Ethereum tokens can be minted forever. This is in stark contrast to Bitcoin, for example, which has a capped supply of 21 million tokens. 

This also shows how remarkable Ethereum’s growth is. One of the mechanisms that keeps tokens valuable is the scarcity of tokens, whether organic or manufactured. Bitcoin, for example, has a halving event that cuts the number of tokens per block in half every few years. But Ether has been able to rise to the top despite not having this.