To secure Ethereum’s network, “a fairly large portion of people are going to be staking their ETH,” LexSokolin, head economist ConsenSys told CoinDesk TV’s “First Mover,” which may “...turn at least some ETH into a store of value.” _franvela reports
Sokolin, who focuses on areas of decentralized finance and autonomous organizations , said Ethereum’s use as collateral in DeFi suggests there are those who are “certainly supportive of ETH as a store of value, ultrasound money type asset.”
Sokolin added that ETH is not only “being used to power the protocol,” but it is also oftentimes being used as “a unit of account for all sorts of goods and NFTs inside of Web 3.” are known as non-fungible tokens and give collectors ownership of the digital items they’ve bought into.“It has both of those functions,” Sokolin said. “The sound money function as well as the store of value function.”“The thing I would be excited about in regards to Bitcoin would be to see more Bitcoin incorporated into Web 3, likely through bridging or rapping,” Sokolin said. “And if it could be used as collateral inside of Web 3, that would be even more powerful.
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