Ether (ETH) is still the second largest cryptocurrency and completely dominates the smart contract industry in terms of multiple network uses. Although the network was overwhelmed by peak activity, resulting in average commissions in excess of $ 10, it seems that the network’s impact on the large user and developer base is enough to maintain its position as the second cryptocurrency in terms of market value.
However, some of the most important calculations along the chain are beginning to show a potential change in Etheruem’s dominance, raising the old question of whether the Ethereum killer will be able to overthrow the top grid?
As explained above, the Ethereum network is largely dominated by decentralized applications (dApps). Given the high transaction fees, when analyzing the number of active addresses, Newtork Ethereum finds itself at a disadvantage for its competitors.
Over the past week, the FLOW NBA Top Shot blockchain had nearly 80,000 active addresses and five times more than Rarible NFT or even SushiSwap Ethereum. Thus, the first data to be analyzed is the number of daily active addresses in each blockchain.
The chart above shows that Tron (TRX) recently bypassed Ethereum in daily active headlines, although this figure can be easily clarified. There are virtually no fees on the Tron network for simple transactions, leading to unfair comparisons.
By measuring the efficiency of transactions and conversions, it is easy to exclude addresses that do not participate in the network.
So we can see that Tron does not even come close to Ethereum’s figures, although the recent increase in Cardano (ADA) prices has led to a hypothetical connection between the two.
Ironically, the Tron network absorbs more than $ 14.5 billion in circulation, which in itself should increase the network’s utilization rate. Meanwhile, Cardano has 90% fewer daily active addresses than Ethereum, yet both networks handle the same number of conversions and transactions.
This presents a particular challenge as Ethereum handles 20 billion Tether tokens and also manages all Chainlink (LINK), USD Coin (USDC), Wrapped ETH (WETH) and many other transactions.
These data should be reflected, at least in theory, in market value. Thus, it is clear that Ethereum will dominate the rankings, as there is no other network near the decentralized applications.
Furthermore, when analyzing the value of conversions and transactions, Ethereum is 50 times ahead, except for the previously mentioned dubious Cardano numbers.
At present, the data show that the four Ethereum killers analyzed above are unlikely to “turn around” the Ethereum network anytime soon.