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On February 7, Cold Card and Opendime creator Rodolfo Novak (aka NVK) tweeted a photo of him with Tron founder Justin Sun and Blockstream CEO Adam Back. Novak said “Ethereum was gone” and the three had a plan to transfer Tron to Liquid, a network that leverages the BTC chain. Whether the tweet was a joke or not, the image ignited the cryptocurrency community and sparked heated debates over the legitimacy of Tron and Ethereum.
Read also: IOTA, EOS, XLM, ADA – 4 “Bitcoin Contenders” with zero use cases and almost no infrastructure
ETH and TRX community debate after viral tweet
The crypto networks Tron (TRX) and Ethereum (ETH) could be considered competing within the cryptocurrency. Although the ETH network is older than TRX, they both have similar goals and do similar things. As Ethereum strives to be a “world computer”, Tron aims to accomplish this feat as well, but with a greater focus on entertainment. Both leverage concepts like decentralized finance (defi), decentralized apps (dapps), and permission-less systems for token creation (ERC20 and TRC20).
When Novak tweeted on the transfer of TRX to the Liquid network, many people considered it a joke, while others took the tweet very seriously. Despite what people think of Tron or Ethereum, news.Bitcoin.com has decided to look at the two networks to see how they both compare in terms of onchain data, market statistics, development, funds locked in defi and the social media ratings of both projects. We want to let our readers decide which project is better by weighing the pros and cons of each cryptocurrency without all the opinions.
We have a plan. #Ethereum it’s over. Tron moves #liquidnetwork above #bitcoin. Cc @udiWertheimer pic.twitter.com/XEuw11PQKX
– NVK (@nvk) February 8, 2020
Tron vs Ethereum: stacking data
On February 7, 2020, data from Coin Metrics shows that the BTC chain has processed approximately 333,000 transactions onchain. ETH recorded a total of 626,000 transactions in the 24-hour period, while TRX made around 816,000 on Friday. While ETH was consistently above BTC transactions per day, TRX was also consistently above ETH’s daily average.
Both Ethereum and Tron have tokens representing the stablecoin tether (USDT), but the ETH chain has a lot more. Tronscan statistics on Saturday show that there are 814 million USDT held on the Tron network. Today’s data from Etherscan indicates that there are a whopping 2.2 billion USDT leveraging the ETH chain.
When it comes to stablecoin usage, Ethereum outperforms Tron by far, as the chain also has other stablecoin tokens such as PAX, USDC, and TUSD. But it is true that both networks have seen more cables migrate to each blockchain during certain periods of 2019. In fact, as far as funds locked in defi are concerned, Ethereum also takes the cake when it comes to decentralized finance and centralized finance applications. (cefi), with projects such as Maker, Compound and Instadapp. Defi apps on ETH hit a milestone on February 6, when Total Locked Value (TVL) surpassed $ 1 billion.
Where market share and fiat value take center stage, tron (TRX) is trading for $ 0.02 per coin and the cryptocurrency is still down 92% from its all-time high (ATH) of $ 0.30. Ethereum (ETH) is trading for $ 224 per coin at the time of publication, which is 84% lower than its ATH of $ 1,431. Against the USD over the past 12 months, TRX was down 18% and against BTC crypto was down 69%. With ETH, the cryptocurrency gained 86% against the US dollar in one year but against BTC it is still down 30%.
Messari’s trading volume data shows that the reported volume for TRX is around $ 203 million in the past 24 hours, but Messari’s “true volume” index indicates that there have been only $ 49 million in TRX transactions. As for ETH, the trading volume reported on Saturday is around $ 3.5 billion, but once again Messari’s “real volume” index shows less at $ 349 million. Comparing the above statistics shows that ETH has been a better investment over the past year, has more liquidity and also trading volume.
As for Github’s annual business, data from coincheckup.com shows that Tron has outpaced ETH development over the past 12 months when it comes to counted commits. Coindesk’s social media benchmark shows that ETH has around 451,000 Reddit subscribers and the same number of Twitter followers giving the project a 23% social rating.
Tron’s Reddit community has around 71,000 subscribers and Tron has around 497,000 Twitter followers giving the project a 9.7% social rating. ETH has around 2,000 Github watchers and around 445 developers contributing to the ETH code. Tron has around 309 Github observers and 118 developers who have contributed to the TRX Github repository. While there are 9,200 forks of Ethereum, there are only 673 forks of Tron.
The Ethereum project had an edge and Tron isn’t as old as a blockchain in comparison. Both have influential leaders at the helm with Justin Sun and Vitalik Buterin still around to gauge opinions, unlike Satoshi. Both projects have many investors who believe ETH or TRX will dominate and there are certainly those who think both will serve a purpose. Either way, both exist in prominent market positions today as ETH and TRX are in the top 15 of the largest market cap list and may be for quite some time.
What do you think of these two cryptocurrencies? Do you think Tron is better than Ethereum or vice versa? Let us know what you think about this topic in the comments section below.
Disclaimer: The articles on pricing and market updates are intended for informational purposes only and should not be regarded as business advice. Neither Bitcoin.com nor the author are responsible for any losses or gains, as the final decision to conduct an exchange is made by the reader. Always remember that only those in possession of the private keys are in control of the “money”. The prices of the cryptocurrencies referred to in this article were recorded on February 8, 2020.
Image credits: Shutterstock, Coin Metrics, Markets.Bitcoin.com, coincheckup.com, Coindesk’s social media benchmark, defipulse.com, Etherscan, Tronscan, Fair Use, and Pixabay.
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