Ethereum Soars Despite the High Transaction Fee

Ethereum soars despite the high transaction fees and continues to remain popular. ETH remains the second largest cryptocurrency.

Ethereum (ETH), the second largest unit of the cryptocurrency market, is said to certainly dominate the smart contract industry, according to a number of network usage metrics. Even though the network has been affected by peak activity that caused average wages to exceed $ 10, the network influence of the large user and software developer base remains sufficient to maintain the position of the second-ranked cryptocurrency by market capitalization. However, some on-chain measurements are said to be starting to show a potential change in Ethereum's superiority. It is stated that this situation raises the debate whether a rival to Ethereum can dethrone it or not.   Network Graphics Cause Controversy The charts showed that the Ethereum network is highly dominated by decentralized applications. From this point of view, when analyzing the number of active addresses due to the high gas fees required for transactions, it was concluded that the Ethereum network appears to be at a disadvantage compared to its competitors. Last week, the FLOW blockchain's NBA Top Shot had 80,000 active addresses, which is five times greater than Ethereum's Rarible NFT market and even SushiSwap. In parallel, the first data to be analyzed was the number of active addresses per day in each blockchain. Graphs proving that Tron (TRX) has recently surpassed Ethereum in daily active addresses, however, reveal that this metric can be easily inflated. It was stated that this created an unfair comparison, as the Tron network requires almost no fees for simple transactions. According to the article in Limenya, it was seen that Tron did not come close to Ethereum's data when it was attempted to exclude addresses that do not contribute to the network by measuring effective transactions and transfers. However, it was noted that Cardano's (ADA) recent price hike created a virtual link between the two. The Tron network keeps more than 14.5 billion Tether (USDT) in circulation, which, on its own, should increase network usage metrics; Although Cardano has 90 percent fewer daily active addresses than Ethereum, both networks are making the same amount of transfers and transactions. It is stated that Ethereum is processing 20 billion Tether tokens and also managing all transactions of Chainlink (LINK), USD Coin (USDC), Wrapped ETH (WETH) and others, which creates particular problems.   Low Likelihood of Overcoming the Ethereum Network It is said that it makes sense for Ethereum to dominate the ranking, as the data in question should theoretically be reflected in the market value. The basis for this is shown to be the conclusion that no other network is close to decentralized applications. In addition, when analyzing the value of transfers and transactions, it was stated that Ethereum was seen to lead 50 times more, except for Cardano's suspicious data discussed earlier. At least the available data means that the four mentioned Ethereum competitors are unlikely to beat the Ethereum network in any way in the short term.       Source: Limenya.com