- Despite its best efforts, Tron’s TVL remained lower than Ethereum’s.
- ETH also remained far ahead of TRX in certain metrics.
As a seasoned crypto investor who has weathered multiple market cycles and witnessed the rise and fall of numerous blockchain projects, I must admit that Ethereum’s resurgence against Tron is both intriguing and reassuring.
Following a tough two-year competition, it’s now confirmed that Ethereum [ETH] has regained its top spot in terms of Tether [USDT] influence, surpassing Tron [TRX].
As per the latest market statistics, Ethereum holds approximately 44.56% of the total Tether amount, just barely surpassing Tron’s share of around 42.97%.
This transition signifies a major achievement for Ethereum, with far-reaching consequences across the entire blockchain community.
Ethereum vs. Tron: Breaking down the numbers
According to AMBCrypto’s examination, DefiLlama’s data underscores Ethereum and Tron’s significant influence in the stablecoin sector.
Approximately 87% of the Tether market is dominated by Ethereum and Tron, but other blockchains such as Binance Smart Chain (BSC) with a share of around 3.52% and Arbitrum [ARB] at about 2.24% hold much smaller portions of it.
This underscores the duopoly in the stablecoin space, with Ethereum and Tron at the forefront.
Tron often leads in USDT transactions due to its advantageous low transaction fees and streamlined network performance.
But, the revival of Ethereum is largely due to its transition to a proof-of-stake (PoS) system after The Merge and subsequent updates, which have dramatically lowered transaction costs or gas fees.
Further examination of the graph from IntoTheBlock revealed that Ethereum started picking up speed approximately on the 6th of November. By the 17th of November, its value was equivalent to Tron’s.
Active address trends
An examination conducted on Dune Analytics revealed a fascinating depiction of user engagement across both blockchain networks.
Ethereum consistently moved higher, with more than 1.5 million daily users (excluding those interacting with smart contracts).
As a crypto investor, I’ve noticed that Ethereum’s steady growth points towards its versatility going beyond just stablecoins. It’s clear that it plays a significant role in decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming sectors as well.
Instead, we can say that Tron’s active addresses exhibited a rather unstable pattern, with noticeable peaks and valleys occurring throughout its history.
Even though it experiences ups and downs, Tron maintains its position as a formidable competitor, boasting nearly twice the number of active addresses compared to others in its category.
Based on a review of recent data from Dune analytics and Tron’s own records, it appears that there were more than 6 million actively used Ethereum addresses within the past month. In comparison, Tron boasts over 40 million active addresses during this same timeframe.
Implications for the stablecoin market
The fact that more Tether is being held on the Ethereum network suggests that Ethereum is becoming increasingly competitive in the stablecoin market, especially among institutional investors, as it gains more prominence.
As a researcher, I’ve noticed that the enhancements made to the network’s scalability and fee reductions seem to be proving effective. These advancements have attracted users who previously moved to cost-effective alternatives such as Tron, back to our platform.
In other words, Tron’s close competition with Ethereum indicates a positive competition that contributes to the growth of the overall blockchain industry.
Read Ethereum’s [ETH] Price Prediction 2024–2025
By maintaining an emphasis on affordability and accessibility, it continues to hold a significant portion of the market, addressing demographics who were often overlooked due to the previously steep costs associated with Ethereum.
Currently, USDT dominates more than three-quarters (75%) of the stablecoin market, boasting a market value exceeding $133 billion.
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2024-11-26 21:12