Cardano massively beats Ethereum but unfortunately cannot deliver better performance on the market
According to data from Messari on-chain and market tracker, the number of active users of Cardano far exceeds that of Ethereum in terms of percentage. Such an imbalance could have been caused by several factors.
The size of the network
The total number of Cardano wallets is currently at approximately 3.6 million, which is less than 5% of Ethereum’s total number of opened wallets on the network. Such a sizeable difference in the number of wallets does not speak in favor of Cardano, making a percentage-based comparison less objective.
Cardano versus Bitcoin and Ethereum
Prior to the publication of smart contracts on the Cardano blockchain, investors and users treated ADA as a payment tool rather than a dApps platform, which is why its number of active wallets is close to 2.2% of Bitcoin, against 0.63% of Ethereum.
With the rising number of decentralized solutions on the network, the percentage of active wallets compared to the total number of wallets is slowly decreasing. This effect is tied to the fact that developers and users create many wallets for interacting with one decentralized app or testing it during the development process.
The main point of the data provided is to show the status of the Cardano network in terms of maturity and network development activity. Historically, we will most likely see a decrease in the number of active wallets in the future when Cardano reaches the level of Ethereum.
But despite the high development activity and a high number of active wallets, ADA fails to deliver price performance greater than or similar to Ethereum as its ROI since the beginning of 2022 remains at -60% compared to Ethereum’s -40%.
