There Are Still No Projects That Are Comparable To Ethereum, Says a16z

There Are Still No Projects That Are Comparable To Ethereum

One of the largest and most well-known crypto venture capital firms just released its own detailed study on the crypto industry as of 2022. The research was summarized into five main aspects that define the crypto world.

According to a16z’s study, in the Web3 space, there are still no projects that are comparable to Ethereum, and those that potentially represent real competition are still far behind.

The a16z analysts’ thesis of Ethereum’s supremacy is based on several metrics. The ratio of monthly active developers to days since the first commit is one of them.

Approximately 4,000 developers are participating in the development of Ethereum, according to this metric. Solana is in second position, with 1,000 active developers. Cardano, like the rest of the blockchains included in the survey, did not even make it into the top 500.

The amount of active addresses and daily transactions are also important indicators of blockchain popularity.

With 5.5 million active addresses and 1.1 million daily transactions, Ethereum trails Solana, BNB Chain, and Polygon.

Avalanche and Fantom were also included in the ranking, although Cardano lags far behind in terms of numbers, according to Messari, with only 115,000 active addresses and around 125,000 daily transactions.

To summarize, despite its popularity, Ethereum falls prey to size, favoring decentralization over centralization. As a result, other blockchains, like as Cardano, have been able to attract users by promising greater performance and lower costs.

While Cardano is still playing catch-up at the moment, it does have a ray of optimism for the future and a substantial following.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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