The biggest bank in the US just put a deposit token on Ethereum, and $ETH is still down on the week.
That's the pain if you trade headlines. You buy the chain because a bank showed up, then you realize the money that made the headline never actually hits the book you're in.
JPMorgan moved $JPMD onto Ethereum mainnet and the market is still treating it like a press release. $ETH is sitting near $2,405, off about 4.6% this week, while the largest US bank picked this chain for a deposit token that already runs through a platform doing roughly $7 billion a day. Kinexys has settled more than $4 trillion cumulative. Almost none of that volume runs on public Ethereum yet.
The permissioned piece is the catch people skip. Banks do not deploy on chains they plan to leave, but they also do not have to open the flow to public holders just because mainnet got a mention. The whole bid is reflexivity, one bank coin supposedly pulling the next one in. If those coins stay inside a closed system, the public chain never sees the volume, and the trade is just you funding someone else's narrative.
Where do you think this goes if the transfers stay permissioned?
#Ethereum #JPMD #OnChain
That's the pain if you trade headlines. You buy the chain because a bank showed up, then you realize the money that made the headline never actually hits the book you're in.
JPMorgan moved $JPMD onto Ethereum mainnet and the market is still treating it like a press release. $ETH is sitting near $2,405, off about 4.6% this week, while the largest US bank picked this chain for a deposit token that already runs through a platform doing roughly $7 billion a day. Kinexys has settled more than $4 trillion cumulative. Almost none of that volume runs on public Ethereum yet.
The permissioned piece is the catch people skip. Banks do not deploy on chains they plan to leave, but they also do not have to open the flow to public holders just because mainnet got a mention. The whole bid is reflexivity, one bank coin supposedly pulling the next one in. If those coins stay inside a closed system, the public chain never sees the volume, and the trade is just you funding someone else's narrative.
Where do you think this goes if the transfers stay permissioned?
#Ethereum #JPMD #OnChain