On-Chain Data Shows Ethereum Still Far Ahead of Its Competing Networks

There is no shortage of people in the market who believe that Ethereum has lagged behind in terms of user activity. They feel that in the past few months,The nascent blockchain ecosystem has taken away a considerable number of users from Ethereum.

While competing ethereum networks have been onboarding new users, ethereum has maintained its lead. On-chain data indicates that Ethereum is still the best by the new metric so far, andThe rise in gas fees did not bring Ethereum to the bottom。

Rising gas fees due to network congestion have been a topic of debate among critics of Ethereum. Presumably, as Gas rises, network usage will plummet, causing both the Ethereum ecosystem and ETH to lose value and user appeal.

But so far, the data show that's not the case. At press time, Ethereum remains the second-largest digital asset by market capitalization.Data Suggests Network Congestion Not Enough to Cause Users to Abandon Ethereum, which may also be because other digital assets have not gathered enough momentum to replace Ethereum.

Regardless of current dominance, Ethereum may need to tighten its grip on upcoming potential rivals. However, for DeFi, Ethereum is still the first choice. Measured by the top ten total locked value, except for the 7th place, all others are Ethereum DApps.

Now is the perfect time for Ethereum to stay relevant. The surge in gas fees is indeed very detrimental to the network, and the active monthly users on rival networks can easily surpass Ethereum. Ethereum has to compete with Tron (TRX) to keep its operations running smoothly when daily active addresses are far ahead in number.

In terms of user experience, Tron's free-to-use policy for small transactions has an advantage over Ethereum. However, both Tron and Ethereum have been and are still under intense public scrutiny in the past. In the case of Tron, critics have mostly argued that the network’s founders and the Tron team are only providing skin-level support.

Fees remain a major drawback when using the webHowever, Tron is not the only competitor that Ethereum will have to outdo. Binance Smart Chain, which has a more efficient fee structure, has become another Ethereum alternative of choice for many users.

The original text comes from zycrypto, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the editor for Chinese reprint

The original text comes from zycrypto, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the editor for Chinese reprint