In 2023, Ethereum further solidified its position as the most profitable blockchain in the world with revenues of $2.4 billion. Despite the Ordinals hype, Bitcoin comes in at less than half that price (US$739 million). Tron, with its operations focused on stablecoin transactions, came in second with $972 million.
The numbers make it clear that Ethereum is not “just” a cryptocurrency, but rather represents a comprehensive platform that drives the real blockchain economy through its diverse applications from smart contracts to finance to digital collectibles.
Etheruem: Smart contract market dominance remains stable
Ethereum’s dominance in the smart contract sector also remains stable – despite the hype surrounding “faster” platforms like Solana and Avalanche. The current data shows that Ethereum is not losing market share and actually appears to be consolidating its position. This is partly supported by the growth of Layer 2 solutions (“Others” in the chart), which represent an extension of the ETH ecosystem.
New competitors, however, only seem to be replacing older platforms such as Cardano, BNB and EOS, rather than displacing Ethereum. This refutes the narrative of a declining ETH ecosystem and suggests that Ethereum as an ecosystem is confidently defending its leadership position in the area of smart contracts through its innovative strength and the increasing integration of Layer 2 solutions.
Record high of ETH in smart contracts
The amount of ETH locked in smart contracts recently reached an all-time high, accounting for just under 34 percent of the total ETH supply. This development is a clear indicator of the growing trust in Ethereum’s decentralized infrastructure and the increasing use of dApps and other ETH-based services.
The record high reflects the strength of the ecosystem and reinforces Ethereum’s role as the largest platform for decentralized applications and smart contracts. With a steady increase in ETH in smart contracts, the trend towards decentralization and creating value through innovative blockchain applications appears to be continuing.
What you should know about the Layer 2 sector on Ethereum and what the cryptocurrency is like in general you can find out in the new BTC-ECHO Ethereum Report.
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