New data from blockchain analytics platform Token Terminal shows that Bitcoin had twice as many daily active users as Ethereum as of May 8.
Bitcoin flips Ethereum in user count
At the time of writing, Bitcoin still leads Ethereum in terms of daily active users.
Bitcoin has an average of 589,810 daily active users over a 30-day period, while Ethereum has middle 322,840 daily active users during the same time frame.
Token Terminal is a platform that aggregates financial data on leading blockchains and decentralized applications, using traditional financial key performance indicators (KPIs) to measure and evaluate their performance.
While Bitcoin and Ethereum are popular, they offer different use cases. To be clear, Bitcoin is both a currency and a store of value, while the Ethereum network is a smart contract platform for launching decentralized applications (dApps).
Blaming the Ordinals for Bitcoin Problems, Ethereum Strained by PEPE
Data from the Token Terminal indicates that despite differences in design and intended use cases, bitcoin currently attracts more daily active users than ethereum.
This could be due to a variety of factors, such as Bitcoin’s longer history and wider adoption, as well as its perception as a more stable and safe investment option.
However, the introduction of the Bitcoin Ordinals platform and market on the Bitcoin blockchain may be the main reason for the high rate of user adoption.
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Through the Ordinals platform, users can attach files, such as videos, images, or texts, to each satoshi, effectively storing them on the mainnet. Satoshi is the smallest unit of Bitcoin (BTC).
In recent days, there has been a rise in the number of inscriptions minted from the Ordinals platform. A flood flooded the network, driving up transaction fees, until it caused a congestion on May 7.
However, Ethereum is still a significant player and is a smart contract platform.
As the Bitcoin network is flooded with Ordinals, the popularity of meme tokens, including Pepe coin (PEPE), has also led to higher Ethereum gas fees after the 2022 lull.