A sharp contrast has emerged across the four blockchains in terms of active addresses. Bitcoin has seen its address count drop significantly compared to previous cycles, yet investors are now holding coins longer and using ETFs, custodians and the Lightning Network more frequently, with $3.31 billion in inflows recorded in August. Ethereum is approaching 1 million active addresses, demonstrating its continued relevance as financial infrastructure. Tron leads the group with over 4 million active addresses, largely driven by payments and stablecoins such as USDT. Cardano, on the other hand, has experienced a sharp decline in activity since 2021 and faces persistent challenges, including founder Charles Hoskinson’s warning about a wave of failures and closures of important dApps.
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