While Ethereum gets a fair deal of criticism for its delayed progression and perceived lack of adoption, compared to its rivals — the figures tell a different story.
Our data shows that Ethereum, when it comes to blockchain-based platforms built to deploy smart contracts and decentralized applications, is essentially unmatched in terms of adoption. Vying for second place are NEO, Stellar, and Waves.
Ethereum has a total of 1,193 tokens within its ecosystem, while no other platform comes close. NEO has the second largest number of projects at 28, followed by Waves and Stellar at 24 each.
Other hyped projects are notably lacking in projects within their ecosystem, with TRON only supporting two projects and EOS only 8. The biggest tokens on these networks are BitTorrent’s BTT, which TRON acquired last year, and that of Everipedia respectively.
When it comes to the market capitalization of the networks themselves, we see that while Ethereum’s market cap stands at $26.6 billion, competing platforms are significantly lower: EOS at $5.9 billion and TRX stands at $2.23 billion. NEO and Waves have a market cap of less than $1 billion, while Stellar sits at $2.2 billion.
Ethereum’s Adoption in the Smart Contract and Dapp Space Is Unmatched, Despite the Criticism
With the ecosystems of these networks, however, there is far greater disparity. While Ethereum’s ecosystem has a $12.2 billion market capitalization, that of TRON is currently at $378 million thanks primarily to BitTorrent, and EOS’ is at $26.9 million.
Ethereum’s ecosystem is currently powered by several major projects, including Maker (MKR), Brave’s Basic Attention Token (BAT), and the Crypto.com chain (CRO). All of these are among the top 30 cryptocurrencies by market capitalization.
Despite the criticism it receives with respect to scaling and its plan to move to a proof-of-stake (PoS) consensus algorithm, Ethereum’s adoption is head and shoulders above the closest competition.
Other major networks with large ecosystems include the Omni layer — on which Tether’s USDT tokens run — NEM, and BitShares. While the Omni layer stands out due to Tether and its over $3.2 billion market cap, there are in fact other five projects within it — that collectively have a very small market cap.
Out of the top 10 networks that allow users to issue their own tokens, QTUM comes last. Although it has 10 cryptocurrencies launched within its network, their market capitalization only amounts to $23.4 million, with MediBloc the largest project at an $8.8 million market cap.
This illustration of the actual usage of the leading Dapp platforms shows why data-driven insights should form a key component of any serious trader or investor’s strategy. While media narratives and social media may suggest a different story, it’s crucial to look at the actual data.
Originally published at https://datalight.me on June 7, 2019.
