Ether (ETH) remains the 2d-largest cryptocurrency and it absolutely dominates the smart contract industry according to an assortment of network usage metrics. Even though the network has been overwhelmed by pinnacle activity which is causing median fees to surpass $ten, the network consequence of its large user and programmer base seems to exist enough to sustain its position as the 2nd ranked cryptocurrency by market place capitalization.

Still, some key on-chain metrics are beginning to bear witness a potential change in Etheruem's supremacy, which raises the age old question of whether an "Ethereum killer" will be able to dethrone the elevation network?

Smart contracts Total Value Locked (TVL) ranking. Source: defillama.com

Equally shown in a higher place, the Ethereum network vastly dominates decentralized applications (dApps). Due to its loftier gas fees for transactions, when analyzing the number of active addresses, the Ethereum newtork appears to exist at a disadvantage to its competitors.

Over the past week, Menses blockchain's NBA Top Shot had most 80,000 active addresses which is five times larger than Ethereum's Rarible NFT marketplace or even SushiSwap. Thus, the first data to clarify is the daily active addresses number across each blockchain.

Daily active addresses. Source: coinmetrics.io

The chart above shows that Tron (TRX) has recently surpassed Ethereum in daily agile addresses, although this metric can exist easily inflated. The Tron network has nigh zero fees for elementary transactions which creates an unfair comparison.

By measuring constructive transactions and transfers,it'south easier to exclude the addresses that are not contributing to the network.

Transactions and transfers, adapted, USD. Source: coinmetrics.io

Past doing this we can see that Tron doesn't come up fifty-fifty close to Ethereum's numbers, although Cardano's (ADA) recent price growth has led to a virtual tie between the 2.

Oddly enough, the Tron network holds over 14.5 billion of the Tether (USDT) in circulation, which by itself should boost network usage metrics. Meanwhile, Cardano has 90% fewer daily active addresses than Ethereum, nonetheless, both networks handle the aforementioned amount of transfers and transactions.

This is particularly problematic equally Ethereum handles twenty billion Tether tokens and also manages all the transactions of Chainlink (LINK), USD Coin (USDC), Wrapped ETH (WETH), and many others.

ETH, ADA, NEM, NEO, TRX market cap, USD 1000000. Source: cointrader.pro

This information should, at to the lowest degree theoretically, be reflected in the market capitalization. Thus, it makes sense for Ethereum to dominate the ranking as no other network is even shut to its decentralized applications.

Moreover, when analyzing the transfer and transactions' value, Ethereum leads by 50 times if we exclude Cardano'due south questionable figures discussed earlier.

For the time being, the data suggest that the 4 "Ethereum killers" analyzed above are unlikely to "flippen" the Ethereum network anytime presently.

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