Ethereum (ETH) is the second-largest cryptocurrency in market capitalisation behind Bitcoin and is the most widely-used blockchain network within the industry.

The Ethereum blockchain powers an expansive network of decentralized apps, or Dapps, which enable users to participate in decentralized finance (DeFi) platforms and buy non-fungible tokens (NFTs) thanks to smart contract functionality.

Smart contracts are coded contracts that work automatically by executing set conditions within the code when certain parameters are met. 

Their main advantage over normal ‘contracts’ often used in legacy financial services is that they can operate without the need for an intermediary and without knowledge of who’s on the other ‘side’ of the contract – making them globally accessible and non-discriminatory to all.

Ethereum is powered by a globally distributed network of computers that secure the network, making it highly decentralised and resistant to censorship or network downtime.

Ethereum uses its native currency, called Ether or ETH, to handle network transaction fees or gas fees alongside being used on DeFi applications and used primarily to pay for NFTs.

The recent rise and growing popularity of the DeFi and NFT spaces have seen Ethereum become a highly desirable asset within the industry thanks to its versatile nature and multi-use purpose.