Solana, Aptos gain ground on Ethereum’s 45% Web3 dominance

Ethereum retains 45% of the market share amid competition from Solana and Aptos, according to a recent report by ETC Group.

Solana, leading in bridged net flows with $1 billion in net inflows during the third quarter of 2024, faces challenges due to Aptos’s momentum. ETC Group reports Aptos has a 23% higher than the average of other Layer 1 blockchain

The Comprehensive Network Dominance Index (CNDI) places Ethereum at 45% dominance, Solana at 35%, and Aptos at 20%. Despite Ethereum’s underperformance, attributed to factors like the Dencun upgrade in March 2024 and market pressures such as the unwinding of the Japanese yen carry trade in August, it demonstrates resilience and ongoing ecosystem expansion.

Solana and Aptos have shown network growth, with daily active addresses and transactions increasing quarterly. Aptos’s performance, driven by the Tapos Cat Game, highlights its role in the GameFi sector and its ability to handle high transaction volumes at lower costs.

ETC Group suggests investors hold all three assets. Ethereum offers established dominance and stability; Solana demonstrates growth and a proven track record; Aptos shows potential for future innovation and ecosystem expansion.

Analyst

Liam 'Akiba' Wright

Senior Editor at CryptoSlate

Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.

@akibablade LinkedIn Email Liam

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