Is Ethereum's market share at risk from EOS and TRON?

A recent report from Bloomberg showed that both EOS and Tron have surpassed the platform in popularity with both users and developers, putting its market share in danger.

Since its debut in 2015, Ethereum has been regarded as "The next big thing" in crypto.

The report noted that Ethereum's growth spurt was due to the fact that it faced almost no competition for several years, allowing the protocol to acquire substantial market share overnight.

Platforms such as TRON and EOS attracted many companies that were built on Ethereum's protocol and proved to be worthy opponents to Vitalik Buterin's network.

Travis Kling, the founder of the Los Angeles-based crypto hedge fund Ikigai, said that the migration to other networks could be a result of reduced demand for ETH. He explained that as Ethereum's competitors gain traction, the overall value of Ethereum drops, affecting ether's price.

This has also caused the platform's market share to plummet-only 8 percent of DApps users were on the Ethereum network as of January, compared with 100 percent a year earlier, according to tracker DappRadar.

Despite the two platform's growing popularity, Ethereum still managed to stay ahead with 40 percent of the market share among smart contract platforms.

Despite heavy competition and a tough year ahead, many analysts believe that Ethereum is still going strong.

Hudson Jameson, a member of the Ethereum Foundation, said that the community built around the platform is what has helped it and what will help it going on in spite of market conditions.

Ethereum enthusiasts are optimistic that the move to proof-of-stake will produce tangible improvements in speed.