Amid the earthquake in the crypto market, one of the largest and most prominent crypto venture capital funds has published its own comprehensive research on the crypto world as of 2022. The data in the Report was disappointing for Cardano.
Cardano wasn’t even in the top 500 in the study!
The report of a16z, one of the leading crypto venture capital funds, highlights five key points that define the crypto world. Some theses look interesting and some are obvious. But one of these theses stands out clearly.
First of all, according to a16z’s report, there are still no projects equal to the leading altcoin Ethereum in the Web3 space, including projects such as Solana that are considered ‘Ethereum Killer’. According to the report, those who can represent real competition are still far behind.
a16z’s thesis of superiority of Ethereum is based on several criteria. One is the ratio of monthly active developers to days since initial commit. According to this metric, around 4,000 developers are involved in the construction of the leading altcoin. Solana (SOL), which is in second place, has 1,000 active developers. In fact, Cardano (ADA) didn’t even make it to the top 500 like other Blockchains mentioned in the study.
Analysis by number of active addresses and daily transactions
Other important parameters for blockchain popularity analysis are the number of active addresses and the number of daily transactions. According to this indicator, Ethereum is behind Solana and BNB Chain (BNB) and Polygon (MATIC) with 5.5 million active addresses and 1.1 million daily transactions.
Kriptokoin.com Avalanche (AVAX) and Phantom (FTM), which you can get detailed information about from this article, also got the honor of being included in the table, according to Messari Cardano remains incomparably lower as it only has 115,000 active addresses and around 125,000 daily transactions.
To sum up, despite its popularity, Ethereum is capitulating to scale with more emphasis on decentralization. Therefore, other blockchains, including Cardano, manage to attract users with the promise of better performance and lower fees. Although Cardano is still in catching up at the moment, it still has a small glimmer of hope for the future and a large following, according to experts.
