Cheaper and faster L1 wins.

Yamini003

Users are typically considered the driving force behind valuation, as the value of a network is believed to exhibit superlinear growth with the number of users (Metcalfe's Law).

Due to the lack of an anti-Sybil system and the relative ease of creating new addresses, measuring real active users in cryptocurrencies is challenging. Nevertheless, active addresses can provide a good initial approximation in terms of user adoption for each blockchain.



Evidently, Ethereum lags behind in terms of active users. Its valuation premium does not come from the number of users. Cheaper blockchains like Tron, Binance Coin (BNB), and Polygon have more users. While some networks, such as Polkadot and Cardano, have few active users, their valuations are relatively higher. Therefore, regarding the question in the title, several L1s have surpassed Ethereum in terms of user numbers.

Ritu13

This is even more impressive; just look at it.