Ethereum Dominates Q1 Revenue with $457M, Outshining Others

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• Q1 2023 marked an average 83% market cap increase in Layer-1 (L1) smart contract platforms, despite a 2.5% decrease in network usage.
• Stacks and Ethereum dominated the crypto markets during this period, driven by Bitcoin programmability and high usage/gas fees respectively.
• The stablecoin market saw a reshuffle with USDT now taking the lead due to USDC’s temporary depeg and halt of BUSD issuance.

Market Cap Increase

Q1 2023 witnessed an impressive 83% surge in the market cap of Layer-1 (L1) smart contract platforms, even though the network usage dropped by 2.5%. Stacks skyrocketed as it gained widespread interest for its Bitcoin programmability, while Ethereum maintained its dominance across several key metrics despite a decrease in network usage.

Stablecoin Market Reshuffle

The stablecoin market pivoted drastically due to USDC’s temporary depeg and Paxos‘ halt on BUSD issuance. This resulted in Tether (USDT) becoming the dominant currency, boosting networks like TRON with a 30% increase in its stablecoin market cap.

Net Uptick In Staked Native Tokens

Every network experienced a quarter-on-quarter increase in staked tokens when measured in USD terms during Q1 2023 – Stacks (403%) and Solana (125%) being the top performers among them. Furthermore, their respective total staked token surges were higher than their respective market cap growths, implying a net uptick in staked native tokens across all networks studied.

Validator Count Variations

The validator count varies across different blockchain networks and is not strictly standardized. Ethereum, Avalanche, Cardano, Polkadot and Harmony have imposed stake weight limits as part of their consensus protocols to regulate validator participation on their respective networks.