Do you remember Myspace? The first social networking platform to ever exist. It boasted millions of users and employed hundreds of developers. Then Facebook came along -- stole all the users. Developers soon followed. Could the same be happening to Ethereum?
Do you remember Myspace? The first social networking platform to ever exist. It boasted millions of users and employed hundreds of developers. Then Facebook came along -- stole all the users. Developers soon followed. Could the same be happening to Ethereum?
484 new dapps were added to the market this quarter, and Ethereum is still the first choice for developers, followed by TRON and EOS,” (Dapp.com report)
As an example, take a look at TRON. Dapp.com reports that, in a time span of the past three months, this dApp attracted more active users than any other network.
“484 new dapps were added to the market this quarter, and Ethereum is still the first choice for developers, followed by TRON and EOS,” said the Dapp.com report. “Newly launched blockchains like TomoChain and IOST are quickly expanding, but the first tier blockchains have already gone way ahead.”
The research thickens. A firm called Diar -- specializing in blockchain research -- reported a study of ETH, EOS, and TRON. The study meant to find the extent of US dollar value processed on each major network.
Diar discovered EOS and TRON to be responsible for 94 percent of US dollar value transacted across all three competing blockchains. That means ETH must only account for 6 percent.
Where Is The Money Going?
There is one silver lining. At least in my book. Because it seems that all these US dollar transactions are centered around dApps for gamblers. 70 percent of EOS network’s load, for example, can be attributed to its gambling dApps.
This is a silver lining because it proves we are still in the early stages of dApp development and experimentation. As more apps are created, with more and varied use cases, we may see a migration of users and developers between the blockchains -- as they each compete for which is the best to host various dApps.
Users & Price: A Strong Correlation
One more remark must be made about Ethereum and its struggle to retain users. Dapp.com also mentioned that “User activeness has a strong correlation with ETH price – the higher the price, the more Ethereum dapp users.”
ETH price has been lagging behind Bitcoin's price -- in terms of percentage increase. Bitcoin’s market dominance is rising. But this tide may turn. And perhaps as the price of ETH rises, its user base will rise with it.
Either way, you slice this cake, though, the base remains the same: Ethereum and its dApp developers need to step up their game -- and get more users on board -- before they end up like Myspace.
