However, blockchain projects Solana, Polygon, BNB Chain, Avalanche, and Fantom are “snapping at the heels” of the largest altcoin.
The Ethereum blockchain project now dominates the Web 3.0 sphere, according to an introductory article to 2022 State of Crypto, a major research report by Andreessen Horowitz (a16z), a cryptocurrency venture capital fund.
Ethereum is currently the absolute leader in the number of active developers — almost 4,000 specialists are working on Ethereum’s open-source code. The closest competitors of Ethereum are Solana (1000), Bitcoin (500) and Cardano (400).
Another metric is the volume of commissions. The researchers provide figures for seven days: the volume of commissions in the Ethereum network amounted to $15.24 million. Over the same period, the BNB Chain, Avalanche, Fantom, Polygon and Solana networks totaled about $2.5 million in commissions.
Thus, Ethereum leads the Web 3.0 segment in terms of audience demand and activity. At the same time, researchers note that the project emphasizes decentralization over scalability, and the transition to Ethereum 2.0 and PoS is postponed. Against this background, Ethereum is already competing with younger blockchain projects that are showing significantly more activity within the network:
- Solana — 15.4 million active addresses and 15.3 million daily transactions;
- BNB Chain — 9.4 million active addresses 5 million daily transactions;
- Polygon — 2.6 million active addresses and 3.4 million daily transactions.
By comparison, the Ethereum network has 5.5 million active addresses with 1.1 million daily transactions. However, Ethereum’s transformation, though dragging on, is ongoing — the network recently conducted a “shadow fork” to allow developers to practice launching their nodes, deploying contracts and testing the infrastructure.
