The crypto world is undergoing significant changes. Ethereum, once the dominant Layer 1 (L1) blockchain network, is no longer the sole leader. An “open race” for the top spot among blockchain platforms has begun.
Ethereum’s Decreasing Dominance
Ethereum is still the most popular L1 network, with a total value locked (TVL) of about $52 billion. However, its dominance has decreased from 96% in 2021. This indicates that other blockchain networks are actively developing and competing for user attention.
The Rise of Alternative Networks
Smaller networks are growing rapidly, and a group of five to six networks are emerging as leaders in this competitive environment. Among them, Solana stands out – a blockchain platform known for fast transactions and low fees. It has the potential to become the next leading network in the Web3 ecosystem.
Solana as a Potential Leader
Solana has already surpassed Ethereum in most network metrics. While Ethereum still leads in TVL, Solana’s growth is undeniable. This suggests that users value not only the size of the network, but also its technical characteristics.
Fighting for Market Share
Dozens of smaller L1 companies are actively fighting for market share. Some of them are becoming popular due to the hype around stocks and new coins. However, it is important to note that sustainable success is achieved not only through speculation, but also through real implementation of technology.
The world of cryptocurrency continues to change, and we are witnessing the emergence of a new era of competition among blockchain networks. The future will tell which platform can offer the most innovative solutions and gain the trust of users.
