This isn't my quote, it was taken from the website Blocktivity (https://blocktivity.info/), which is a website that tracks transactions across blockchains.
The quote can be seen here:
If you are not familiar where I am going with this, you will be.
Using this logic, one would think that the blockchain with the most transactions would also be the most valuable.
Makes sense right?
Continuing with that logic lets take a look at the blockchains with the most transactions:
Check out that first one, our beloved Steem.
Not only is Steem the most active blockchain in the world, but it is by a wide margin.
Not only right now, but it's been that way for a while now.
In the last 24 hours, Steem has done over 8X more transactions than BTC and more than 2X that of Ether, the two most valuable blockchains on the planet.
I know what you are thinking, perhaps it's just been a slow day for BTC and Ether?!
Nope.
Steem has done close to 2X the all time high number of transactions in Ether and get this, it's done over 4X the all time high number of transactions in BTC!
Let that sink in a bit, little ol Steem has done 4X as many transactions in a single day than the most valuable blockchain on the planet.
Not only that, but look at steem compared to all other blockchains in terms of transactions:
As you can Steem has done far and way the most transactions over the last week compared to all other blockchains.
That is mostly due to the fact that the Steem blockchain has a very popular website Steemit.com built on top of if.
Which also brings me back to my point though, Steem is one of the few cryptocurrencies that currently actually has a use case.
Given that information, one would think that the overall valuation of the network should be at least somewhat close to that of the most valuable blockchains?!
Nope.
Check out the list of cryptocurrencies by market cap:
(Source: https://coinmarketcap.com/)
As you can see, Steem sits at number 30 overall with a market value of roughly $800 million.
By comparison, that makes Steem 230X less valuable than Bitcoin.
For a better visual, here is a comparison by market caps:
In what world does that make sense?
Yes, I get that each chain is solving very different problems and has very different use cases and potential, but the difference in valuation compared to their usage at the current time is staggering.
At some point will valuations more closely match usage levels?
I would think so.
To Recap:
Blocktivity is a neat website to check the number of transactions occurring on the most popular chains.
Steem is far and away the most active.
Steem is significantly undervalued compared to many of the others based on it's usage.
At some point I would imagine that money will flow into projects that are actually getting used by people, much like the quote at the top of the post states.
Stay informed my friends.
Charts and graphs were taken from:
Image Source:
https://coincentral.com/what-is-steem/
Follow me: @jrcornel