The Altcoin Daily YouTube channel with 1.3 million subscribers shared a video about the prospects for Ethereum, which the publication’s analysts see as quite rosy, despite the weeks of a bearish trend. One of the main factors that speak in favor of the growth of Ethereum, according to analysts, is the number of smart contracts that are deployed on the platform.

According to Altcoin Daily, in 2022 it increased by 293% and indicates an increase in the value of the asset during the next bullish trend. Particular attention is paid to the number of burned tokens. Since EIP-1559, $4.6 billion worth of Ether has been destroyed. This was mainly due to the large number of decentralized applications developed on the platform.

NFT and DeFi on the platform are fueled by burning Ethereum, notably through Open Sea and Uniswap. Another factor in the growth of Ethereum, Altcoin Daily calls the implementation of the sign-in function, which will change the game. The feature will allow users to login using the keys that control blockchain accounts, eliminating the need for intermediaries.