Ethereum’s market share has declined in the past few months.
Users are migrating from Ethereum to newer blockchain platforms.
Ethereum lowered transaction fees by 99% since the Dencun upgrade.
Ethereum’s market share has decreased in recent months, with TradingView’s data showing that the leading altcoin’s market dominance has fallen to 14.24% at the time of writing, its lowest point since June 2022. Reports also show that Ethereum’s share of trading volume on decentralized exchanges dropped from 42% in 2022 to 29% this year.
Analysts point to several factors for Ethereum’s declining performance, including a decrease in network revenue and growing competition from other blockchains. Researchers have also noted that many developers are moving to faster networks, likely attracted by their higher transaction speeds compared to Ethereum’s.
Alongside competition from other blockchains, research shows that newer blockchain protocols like Solana, Aptos, and Sui are attracting more users and gaining popularity. From observation, many users patronizing the newer blockchains migrated from Ethereum, leading to a drop in the latter’s network activity and…
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