Ethereum Network ‘Looking Healthier Than Ever’ As Rival Layer-1 Siphons Social Media Attention: Santiment

Though Ethereum’s price has been stuck in the doldrums, ETH’s network is booming, according to the crypto analytics firm Santiment.

The firm notes in a recent post on the social media platform X that “the utility and growth of the network continues looking healthier than ever.”

“The amount of new weekly ETH addresses created is ranging around 800,000-1 million per week, compared to about one-third less at this point last year.”

ETH is trading at $2,421 at time of writing. The second-ranked crypto asset by market cap is down more than 3.5% in the past day.

Despite Ethereum’s growing network, Santiment notes that a different layer-1 project, Tron (TRX), has been dominating the social media conversation.

“The Tron blockchain and ecosystem is trending, including its deflationary tokenomics, staking options via Tronscan and TronLink, and its role in stablecoin transactions, especially USDT on Tron.

Discussions include token conversions, swapping, and competition with Ethereum in DeFi (decentralized finance) and stablecoin transfers. Tron is also noted for a potential NASDAQ listing and involvement of notable figures, enhancing its prominence. TRX, the native token, is highlighted for fast, low-cost transactions, a growing DeFi, NFT (non-fungible tokens), and dApp ecosystem, surpassing Dogecoin in market cap, and a $210 million reverse merger attracting institutional interest.”

TRX is trading at $0.273 at time of writing.

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