On-chain data shows competitor networks are still behind: What Ethereum killer? 

Ethereum Network Congestion

The opponents of Ethereum soaring gas fee has  has opined that  the aforementioned will be a victim to the blockchains of the competitors, but interestingly, on-chain data states the opposite of their submission.

The second biggest crypto currency remains Ethereum and it has totally taken over the Smart contract industry and this is based on the reports of array of network usage metrics. The network array of the larger users and developers of Ethereum are sufficient to maintain the position of Ethereum as the cryptocurrency that is rated the second in the market capitalization, this is irrespective of the fact that the network has been overwhelmed by peak activity which is causing median fees to surpass $10

The prospective chain of the supremacy of Ethereum is been shown on some key on chains metric, which has brought back the question the question on whether an Ethereum killer will have the capacity to dethrone the top networks.

Premised on the high gas fee for transactions, it has identified that the network of Ethereum takes over decentralized applications and also the Ethereum has shown to be at disadvantage position to its competitors when evaluating the number of active addresses.

In the past weeks, there has been over 80,000 active addresses, which is premised on the Flow Blockchain NBA top shot and which has been acknowledged as being five times bigger than Ethereums Raribl NFT market place or Sushiswap. However, based on the aforementioned the first datato be evaluated in the everyday active addresses number across each blockchain.  Also by a candid measurement   of the transfers and transactions, it is easier to omit the addresses that are not useful to the network.

Flowing from the preceding paragraph, by omitting the addresses that are not useful to the network, the Ethereum’s numbers are distanced from the Trons, though there have been virtual tire between the two based on the Cardano’s current price growth.

Strangely, 14.5 Billion of the Tether in circulation, has been argued to be held by the Tron network and which should boost the metric of the network. Cardono addresses are of ninety percent lesser daily active addresses to Ethereuma and despite that, the two networks are said to have the same level of transactions and transfer.  The aforementioned is problematic because, 20 billion Tether has been posited to be handled by Ethereum  and also the whole trasnactions of USD Coin (USDC), Chainlink (LINK), Wrapped ETH (WETH), and many others are been manged by Ethereum .

 

 

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