Ethereum is still easily beating Cardano, EOS, Tezos, and Tron in this key statistic 🚨 This article is 4 years old...
Ethereum is still easily beating Cardano, EOS, Tezos, and Tron in this key statistic
2 min read
Updated: Jul. 7, 2020 at 1:17 am UTC
Photo by Ihor Malytskyi on Unsplash
If you talk to the supporters of smart contract projects such as Cardano, Tezos, EOS, and Tron, they will say that their respective blockchains are the best. Just look to the rhetoric pushed on Crypto Twitter, where tribalism between crypto communities is rather common.
Yet data shows that Ethereum is easily still the leading smart contract blockchain by usage.
Ethereum is leading Cardano, EOS, Tezos, and Tron in terms of adoption
According to data from Messari as of Jul. 5, Ethereum has the highest number of daily active addresses out of all mainstream smart contract blockchains.
The data is as follows:
- Ethereum: 564,000 addresses
- Tron: 186,000 addresses
- EOS: 55,100 addresses
- Cardano: 11,900 addresses
- Tezos: 3,750 addresses
That’s to say, just because these other blockchains have a higher transaction capacity than Ethereum doesn’t mean that capacity is being actively used.
Ethereum is also leading some of these other blockchains in terms of the number of daily transactions, but not by such a large margin. One exception to this is EOS, which has over 300 percent more daily transactions than the sector leader.
Yet, further confirming Ethereum’s overall dominance, the market capitalization of ETH is still much higher than that of its competitors.
In fact, the asset’s market capitalization is an order of magnitude larger than that of its closest competitor, Cardano’s ADA, and two orders of magnitude larger than other competitors like Digibyte’s DGB and Zilliqa’ ZIL.
Ethereum 2.0 and scaling solutions are needed for ETH to hold its lead
Just because Ethereum has its lead now doesn’t mean it will last forever, analysts have reminded the crypto community over recent weeks.
Scott Lewis, the co-founder of Concourse Open Community, wrote the following in June on the extremely high Ethereum transaction fees:
“Overall the Ethereum community is wayyyyy too overconfident about people paying high gas fees if reasonable alternatives exist. Watching Ethereum overtake Bitcoin has been fun. Watching the Ethereum community fall for the same overconfidence trap that befell Bitcoin is scary. Like… wake up. [it] hasn’t won yet.”
As a pertinent aside, the Concourse Open Community is behind projects like DeFi Pulse and ETH Gas Station.
Qiao Wang, a former Messari head of product and crypto analyst, has echoed in this opinion. He went as far as to say that as long as Ethereum 2.0 and other scaling solutions aren’t in place, ETH can be dethroned by a competitor:
“So long as ETH 2.0 is not fully rolled out, there’s an obvious opportunity for a highly scalable blockchain to dethrone Ethereum. Paying $10 transaction fee and waiting 15 seconds for settlement is just bad UX.”
These somewhat bearish statements come as ETH’s gas price has hit the highest levels in over two years according to data from TradeBlock.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Cardano
$0.87834
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
EOS
$0.69221
EOS is a blockchain protocol that enables horizontal scaling of decentralized applications, allowing developers to efficiently create high performance distributed applications..
Tezos
$1.07966
Tezos is a new decentralized blockchain that governs itself by establishing a true digital commonwealth.
DigiByte
$0.01092
DigiByte (DGB) is a UTXO PoW based blockchain with a focus on cybersecurity, digiassets, payments, and secure communications technologies.The DigiByte blockchain was developed in 2013 and released in January 2014 by Jared Tate (Creator & Founder of DigiByte) with an open-source protocol..
Zilliqa
$0.02151
Zilliqa is a new blockchain platform that is designed to scale in an open, permission-less distributed network securely.
Messari
Messari is a fast growth startup in New York that is building the next generation data layer for the global cryptoasset community.