Fresh data from blockchain analytics platform, Token Terminal, shows that bitcoin had two times more daily active users than ethereum as of May 8.
Bitcoin flips ethereum in user count
Bitcoin has an average of 589,810 daily active users over a 30-day period, while ethereum has an average of 322,840 daily active users over 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 (KPI) to measure and evaluate their performance.
While bitcoin and ethereum are popular, they offer different use cases. To illustrate, bitcoin is a currency and a store of value, while the ethereum network is a smart contracting platform for launching decentralized applications (dApps).
Blame Ordinals for bitcoin woes, ethereum strained by PEPE
Data from Token Terminal suggests that despite the differences in their design and intended use cases, bitcoin is currently attracting more daily active users than ethereum.
This may 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 secure investment option.
However, the introduction of the Bitcoin Ordinals platform and marketplace on Bitcoin’s blockchain could be the main reason for the spike in user adoption.
Through the Ordinals platform, users can attach files, such as videos, images, or texts, on every satoshi, effectively storing them on the mainnet. A satoshi is the smallest unit of a bitcoin (BTC).
In recent days, there has been a spike in the number of minted inscriptions from the Ordinals platform. The deluge has overwhelmed the network, forcing transaction fees high, even causing congestion on May 7.
Even so, ethereum remains a significant player and is a go-to smart contracting platform.
As the Bitcoin network is inundated by Ordinals inscriptions, the popularity of meme tokens, including pepe coin (PEPE), has also forced ethereum’s gas fees higher after a lull of 2022.