ETH transaction count rising amid $5K push, but competition erodes market share
Main Idea
Ethereum's transaction count is rising amid a push towards $5K, but it faces competition from next-generation layer-1 blockchains and layer-2 networks, which are eroding its market dominance.
Key Points
1. Ethereum recorded over 1.7 million transactions on Tuesday, with daily transaction counts near all-time highs.
2. Layer-2 networks like Arbitrum and Base recorded over 3.4 million transactions, highlighting competition within Ethereum's ecosystem.
3. Active addresses on Ethereum have remained flat since 2018, fluctuating between 400,000-600,000, with occasional spikes above 1 million.
4. Ethereum's network fees have significantly declined since 2022, partly due to the Dencun upgrade, reducing costs for layer-2 networks.
5. High-throughput layer-1 networks like Solana and Sui are competing with Ethereum, challenging its scaling and execution roadmap.
Description
The network is facing competition from next-generation layer-1 blockchains and layer-2 networks from within its own ecosystem.
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