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According to Flipside, Ethereum leads the Altcoins ranking for user activities

June 7, 2020

According to an infographic that Generation Crypto presented in early June, According to cryptocurrency analytics company Flipside Crypto, Ethereum (ETH) was the most powerful altcoin per user.

With a market capitalization market of over $ 26 billion Ethereum leads the overall ranking with a score of 969 according to the FCAS metric determined by Flipside, with EOS and Chailink in second and third place with 930 and 920 points respectively.

According to Flipside, Ethereum leads the Altcoins ranking for user activitiesAccording to Flipside, Ethereum leads the Altcoins ranking for user activities

The FCAS (Fundamental Crypto Asset Score) metric has been tracked by Flipside since 2017 and provides data on more than 450 cryptocurrency projects set up in the crypto space It measures user activity, developer behavior and asset maturity.

Flipside takes blockchain transaction data, account and smart contract from active nodes and analyzes them. Wallet addresses are identified to understand the actual benefits of a project in terms of user activity and to provide an effective tool to fight against typical speculation in many ecosystem projects.

With this type of analysis, the company tries to clearly show what role each stakeholder plays in the ecosystem and what effects such behaviors have on the available offer and the available price.

With that in mind, Ethereum has seen an explosion of usage by thousands of people in the past few months, who support its chain through the various decentralized applications that run on Altcoin, especially applications that focus on decentralized finance. (DeFi) after the maternity leave due to the COVID-19 pandemic.

Ethereum still has a large number of dApps running on a blockchain, and many of them have seen a significant boom in the past few months that has generated greater demand for user activity while under the stress of demand after scalability through delayed improvement of ETH 2.0.

Ethereum 2.0 has been long delayed and should be released later this year., as its founder Vitalik Buterin has indicated several times via his official Twitter account.

On this long way to the start, altcoin had a lot of strong competitors like EOS and Chainlink (LINK), who also experienced higher average development activity in May.

Regarding the market share growth -MarketCap- in the last 30 days, Unibright, 0x and Chainlink were the projects with the greatest growth according to Generation Crypto’s infographic.

With growth of + 79.2% over the above period and around $ 63 million, the Unibright (UBT) protocol led this growth and managed to close the month of May 2020 at position 87 in the general cryptocurrency ranking according to CoinMarketCap.

The platform focused on developing blockchain solutions at the enterprise level ‘no coding required’, The demand from potential customers such as SAP, Microsoft and Lufthansa has increased for product development under the blockchain.

Projects 0x and Chainlink have also seen an increase in their usage in the past 30 days, allowing them to improve their positions thanks to the demand for their home currencies for the execution of open source projects, which has catapulted their rise within the global ranking within the EU Select the top 50.

The most exemplary case for this growth was undoubtedly Chainlink, which has managed to position itself in the top 15 of the given cryptocurrency projects its ability to connect Ethereum-based smart contracts to real-world applications like DeFi. Chainlink’s market cap has grown by over 25% in the past 30 days and has now reached more than $ 1.5 trillion.

In addition to Tron, Ethereum and EOS top the dApp ranking

According to Flipside, Ethereum has not only managed to draw the user’s attention, but also outperforms strong competitors like EOS and Tron in the latest decentralized app market report (dApp) for the first quarter of 2020 by dappreview.

According to the message, DeFi-based projects in the Ethereum blockchain are the main driver for the growth of the entire transaction volume in the decentralized application marketThis corresponds to an increase of 778% compared to the same period in the previous year.

Dappreview accounted for more than $ 7.9 billion in transactions across 13 different blockchains, an increase of 82.2% Compared to the first quarter of 2019. For the company, more than 99 percent of this volume was focused on dApps based on the block chains Ethereum, EOS and Tron.

According to the report, the total transaction volume of Ethereum dapps in the first quarter of 2020 was $ 5.64 billion. an increase of 652% over the same period in 2019when it totaled only $ 743 million.

Reason for growth through DeF projectsAccording to the report, this has been the essence of Ethereum’s growth with the highest transaction volume since 2019.

The company for decentralized application analysis in the main block chains also points out that the highest transaction volume within Ethereum corresponds to the ERC-20 tokens generated in the chain March 12, 2020 was the historic day with the highest number of transactions in a day, reaching USD 326 million focused on two main DeFi projects: Maker → and dYdX.

Despite the good decentralized finance figures presented by Ethereum, the report highlights that for the first quarter of 2020, barely 641 dApps are active on the main altcoin blockchain a 20 percent decrease over the same period in 2019.

Of the 641 active dApps, the game field is still the most active category with 180. While gambling – online casinos – saw a significant decrease of 50% compared to the first quarter of 2019.