Joseph Lubin Says Ethereum (ETH) Adoption Keeps Growing, Continual Focus on Real Use Cases
Joseph Lubin, the co-founder of Ethereum and ConsenSys co-founder said that Ethereum adoption is growing rapidly. However, there are some numbers and statistics that show that in some areas Ethereum is lagging behind other projects.
Mr. Lubin seems to be very positive about Ethereum and its future. He was one of the core developers of Ethereum alongside Vitalik Buterin, perhaps the most known figure behind the Ethereum project.
He mentioned that blockchain is not just a market, it is a movement as well. Additionally, he said that market capitalization does not reflect activity and that decentralized networks are also growing. He went on saying that there are 10 billion daily API requests that are served by Infura, 1 million Truffle downloads, 1 million MetaMask downloads and many other things.
However, there are also negative things about the network and how it is performing in this competitive cryptocurrency landscape. It is possible to see that the most used dApp on Ethereum is IDEX, a decentralized exchange made with smart contracts, however, it has just 1,500 users around the world.
CryptoKitties is one of the most popular decentralized application on the Ethereum network. Indeed, back in December 2017, the number of transactions on the CryptoKitties game congested the whole network, increasing fees and transaction times. However, it only has 400 users. Last year it represented 12 percent of Ethereum’s usage.
However, there are other networks in the market that have performed better than Ethereum during the last few weeks. EOS and Tron (TRX) allow developers to deploy new dApps on their networks and run in a similar way as on Ethereum.
At the time of writing, PRA CandyBox, an EOS dApp had 5,265 users in the last 24 hours with 14,998 transactions in the last 24 hours.
TRONbet, the largest dApp on the Tron network registered 1,669 users in the last 24 hours and more than 1.5 million transactions in the last 24 hours.
IDEX is currently under 1,000 users and the number of transactions is close to 8,200 in the last 24 hours.
ICOs have also been struggling during the last few months. Ethereum works as a platform to launch virtual currencies, projects and Initial Coin Offerings (ICOs). But it seems that in the future there will be less ICOs launched to the market. During 2017 there was a boom of ICOs and regulatory agencies all over the world started to control the issuance of new tokens in the market. Several of these projects did not grow and some of them went bankrupt.
At the time of writing, Ethereum has a market capitalization of $9.3 billion and each ETH coin can be purchased for $90. Earlier this year, each ETH was traded close to $1,400. Several ICO projects had to sell their funds in order to keep operating amid a bear market that affected the whole crypto space.