Bitcoin surpasses Ethereum in terms of daily active addresses.
According to data from Artemis Terminal on September 15, Bitcoin, primarily designed for peer-to-peer (P2P) value transfer between addresses, boasts a higher number of daily active users compared to Ethereum.
This trend persists despite Ethereum’s multifaceted role as both a vehicle for value transfer, similar to Bitcoin, and a platform for trustless and automated decentralized applications (dApps) through smart contracts. Notably, platforms like Uniswap, a decentralized exchange (DEX), facilitate transactions worth billions each month.
On September 15, Bitcoin recorded over 800,000 daily active addresses (DAA), more than double the count for Ethereum, which stood at just over 378,000. The only time a minor shift occurred was on September 13 when Ethereum briefly saw over 1 million addresses activated.
Subsequently, the count of daily active addresses (DAA) on Bitcoin also experienced a decrease, settling at approximately 743,000. In contrast, DAA on Ethereum has seen a significant decline, while Bitcoin has consistently maintained an upward trend since late August. Over this period, Ethereum’s DAA has exhibited notable fluctuations, exemplified by the rise and fall observed on September 13 and continuing through to the present day.
Ethereum handles more than one million transactions on a daily basis.
Ethereum stands out with its daily transaction processing capabilities. As of September 15, the smart contract platform had executed over 1 million transactions, surpassing Bitcoin, which had confirmed fewer than 600,000 transactions.
It’s worth noting that even at this level, Ethereum’s transaction count remains less than half of what it achieved on September 13 when the network processed over 2.3 million transactions. Conversely, Bitcoin has maintained a consistent daily transaction volume, while Ethereum’s daily transaction count has generally increased over the past three months, according to data from Artemis Terminal.
Daily active addresses (DAA) and daily transaction counts serve as crucial metrics employed by on-chain analysts to assess the engagement levels and overall health of public blockchains.
Over the past 18 months, activity has experienced a rapid decline, corresponding to the drop in asset prices during the crypto winter. Ethereum, for instance, witnessed a decline from its peak around $5,000 in late November 2021 to as low as $1,500 in 2022, exerting a detrimental impact on the DeFi and NFT sectors.
According to DeFiLlama, the total value locked (TVL) within DeFi protocols has stabilized below $50 billion, a significant decrease from the approximately $180 billion recorded in 2021. Concurrently, trading volumes have plummeted by more than 90%, significantly affecting the valuations of NFT-related projects such as Immutable X and ApeCoin. To illustrate this decline, APE, for instance, has experienced a 96% decrease from its previous peaks.