- Despite low fees and an efficient network, Tron remains behind Ethereum in several key metrics.
- Ethereum enhances its appeal after gas fee reductions, increasing its Tether market share.
- Analysis shows over 6 million active addresses on Ethereum compared to over 40 million on Tron in the last 30 days.
Ethereum has regained its position as the dominant blockchain for Tether [USDT], surpassing Tron [TRX] in terms of Tether supply held. Recent data reveals that Ethereum now holds 44.56% of Tether’s supply, slightly edging out Tron’s 42.97%.
The rivalry between Ethereum and Tron has been particularly pronounced in the arena of stablecoins, where both blockchains have jostled for supremacy.
Ethereum’s latest ascendancy can be traced back to its successful transition to a proof-of-stake (PoS) mechanism with the Merge, which has subsequently led to reduced gas fees and improved network efficiency.
Market analyses from ETHNews , and DefiLlama highlight that while Ethereum and Tron collectively dominate over 87% of Tether’s market share, other contenders like Binance Smart Chain and Arbitrum hold much smaller fractions.
Source: DefiLlama
This market configuration demonstrates a duopoly with Ethereum and Tron at the helm, guiding the stablecoin market.
Ethereum’s advantage has been bolstered by its technological upgrades that have enhanced its scalability and reduced transaction costs, making it an attractive platform for a range of applications beyond just stablecoins, such as decentralized finance (DeFi), non-fungible tokens (NFTs), and gaming.
Source: IntoTheBLock
Conversely, Tron has maintained a competitive edge primarily due to its lower transaction fees and an efficient processing framework, which have supported higher volumes of USDT transactions.
Nevertheless, Ethereum’s strategic improvements appear to be recalibrating user preferences and dynamics within the stablecoin market.
Active address analysis from Dune Analytics reveals that Ethereum has consistently maintained over 1.5 million daily active addresses. This trend indicates a robust and growing engagement with the Ethereum blockchain, reflecting its broad utility and integration into diverse blockchain applications.
Source: DuneAnalytics
Tron, while showing more volatility in active address counts, has exhibited peaks that suggest strong user engagement at intervals.
Source: Dune Analytics
This pattern points to sustained interest and activity on the Tron network, despite the intense competition from Ethereum.
The implications of Ethereum’s regained lead in Tether distribution are significant, particularly for institutional stakeholders who may prefer Ethereum for its robust infrastructure and multi-faceted applications.
Ethereum (ETH) is currently trading at $3,328.80 USD, showing a daily decline of 2.46%. Over the past week, ETH has risen by 3.67%, while its monthly growth is 34.20%, reflecting significant recovery in its market performance. Year-to-date, ETH has increased by 45.80%, consolidating its position as a leading cryptocurrency.
Ethereum and TRON share similar use cases in DeFi, NFTs, and stablecoin hosting. Both chains compete for dominance in hosting USDT (Tether).
Ethereum recently surpassed TRON in terms of USDT supply, holding $60.3 billion compared to TRON’s $38 billion.
This competition indicates growing adoption for both blockchains, but Ethereum maintains its edge due to its larger ecosystem and institutional adoption.
