ConsenSys Reports Ethereum is Here To Stay

Ethereum-based development company ConsenSys recently published a comprehensive statistical report that the cryptocurrency Ethereum is going strong, growing, and garnering attention from big industry players.

The report comes at a difficult time for cryptocurrencies, with Bitcoin prices dropping sharply this year by a factor of more than 5.

ConsenSys published the analysis of Ethereum using multiple statistical tools, concluding that even amidst the bearish market prices for cryptocurrencies, Ethereum is still growing. This lines up with Arthur Hayes’ predictions in November this year.

While measuring growth, ConsenSys  says crypto wallets are a good example, with the number of unique Ether wallets going up by almost 14 million in 6 months. Additionally, the lifespan of these wallets have almost tripled in a year.

However, average mothly value of transactions has gone down by almost 20 million in a year. But according to a recent study by Delphi Digital, it signals falling selling pressure, although the claim is somehwat disputed.

A very important factor in Ethereum’s sustained growth has been attributed to its absolute dominance in the decentralised application (dApps) market. 2,190 out of 2,307 (94%) dApps in use now are on the Ethereum platform.

However, about 103 EOS dApps have more active users than all of Ethereum’s dApps combined.

The various Ethereum development tools Truffle, Ganache, Loom, and CryptoZombies have been cumulatively downloaded millions of times. Calling attention to the same, the report claimed that “It looks like developers are here to stay, and more are on their way.”

In a previous report, ConsenSys reported that Ethereum has almost 30 times more developers than the next biggest smart contract platform, but the credibility of this news is yet to be verified.

ConsenSys on the other hand, has faced some difficult challenges this year. The New-York based company is still recovering from the steep 94% drop in ether prices this year.

In response, the company has aggressively ‘restructured’ its management, reportedly planning to lay off more than 13% of its workforce and is taking on projects that have a higher potential for raking in profits.