Big news for ETH holders. According to a new report by DataLight, a cryptocurrency analysis platform, Ethereum is leading the way in terms of mass adoption.
The platform notes that ETH gets a lot of criticism. Particularly, because of its delayed progression and perceived lack of adoption. But the reality is different. The platform is significantly more popular than its closest rivals NEO, Stellar, and Waves. Thus ETH has a total of 1,193 tokens within its ecosystem, while NEO has only 28 and Stellar and Waves 24. Percent-wise, this means that ETH has 97.66% more tokens than NEO, for example (if the total is 1,193).
In its assessment, Datalight also comments on market capitalizations. It points out that ETH’s market cap stands $26.6 billion. Respective numbers for EOS and TRX are $5.9 billion and TRX $2.23 billion. The market cap for NEO and Waves is even lower — $1 billion and $2.2 billion.
More praise for ETH
ETH is also a leader when it comes to adoption in the smart contract and dapp space. In this case, the disparity is even greater. The ETH’s ecosystem has a $12.2 billion market capitalization, while TRON’s stands at $378 million (thanks to BitTorrent). EOS enjoys a number of $26.9 million.
Datalight reminds that major projects like Maker (MKR), Brave’s Basic Attention Token (BAT), and the Crypto.com chain (CRO), all included among the top 30 cryptocurrencies by market capitalization, use the ETH platform.
Omni layer, which powers USDT, Nem and Bitshares are lagging far behind ETH’s popularity. For instance, Omni Layer’s market cap is solely $3.2 billion — a substantially lower number than that of ETH.
QTUM bottoms the list of networks that allow issuing their own tokens. Its market capitalization does not exceed $23.4 million; its largest project MediBloc has 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,” concludes Datalight.
Criticism is questionable
Indeed, ETH has received substantial critique lately. For example, Weiss Ratings, a well-known private analytic group, has cast doubt on the ETH 2.0 update. It posits that it will face scalability issues.
However, it seems that overall these problems do not affect the company’s popularity. Datalight notes that “Ethereum’s adoption is head and shoulders above the closest competition.” It remains to be seen whether this popularity will help ETH become 1,000 times more scalable within 18-24 months.