Recent 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
As of this 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 a average of 322,840 daily active users during the same period of time.
Token Terminal is a platform that aggregates financial data across leading blockchains and decentralized applications, using traditional financial KPIs 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 tense over PEPE
Data from Token Terminal suggests that despite differences in its design and intended use cases, bitcoin currently attracts more daily active users than ethereum.
This may be due to a variety of factors, including 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 the Bitcoin blockchain could be the main reason for the increase in 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. A satoshi is the smallest unit of a bitcoin (BTC).
In recent days, there has been an increase in the number of inscriptions minted from the Ordinals platform. The deluge has overwhelmed the network, forcing high transaction fees, even causing congestion on May 7.
Even so, ethereum is still a major player and is a smart contracting platform.
As the Bitcoin network is flooded with Ordinals sign-ups, the popularity of meme tokens, including the pepe coin (PEPE), has also forced ethereum gas fees higher after a 2022 hiatus.
