“Ethereum Killers” Underwater Against Ethereum

Key Takeaways

  • Little has been spared out there dip over the previous few months.
  • Nevertheless, different Layer 1 sensible contract platforms have fared notably poorly towards Ethereum.
  • Regardless of its issues and critics, Ethereum stays the main decentralized protocol.

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Amidst a sustained crypto market correction that started final November, lots of the Layer 1 sensible contract platforms meant to compete with Ethereum have been severely depressed when it comes to value. Whereas Ethereum itself is down as effectively, it has not fared so poorly as among the protocols designed to problem it.

Bleeding Towards Ethereum

Ethereum could also be struggling alongside the remainder of the crypto market, however it’s holding robust relative to a few of its core rivals.

On Nov. 10, Ethereum reached its all-time excessive on the identical day that its digital asset predecessor Bitcoin did, hovering to over $4,891, per CoinGecko. Since then, Ethereum has fallen to roughly $2,350 at press time. This represents a virtually 52% decline from its all-time excessive, however this pales compared to the injury completed to holders of many different Layer 1 sensible contract platforms.

Solana, which emerged in 2021 as a chief competitor to Ethereum, reached its all-time excessive of round $260 solely days earlier than Ethereum reached its personal. At in the present day’s costs of $69, the Layer 1 favourite of Sam Bankman-Fried is down roughly 73%.

Cardano has fared even worse. ADA is down 78.5% from its all-time excessive of $3.09 in September final yr. Polkadot, a competitor that, like Cardano, was based by an Ethereum co-founder, hit $55 final November however is buying and selling in the present day for below $12. That could be a 79% loss, regardless of the mission having achieved lots of the key milestones in its roadmap, such because the launching of its parachains.

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Fantom is down 83.5%, a collapse that was worsened by the exodus of the “Godfather of DeFi,” Andre Cronje, from the DeFi area alongside together with his colleague Anton Nell, one other key contributor to the Fantom ecosystem. Earlier than his departure, Cronje led the launch of Solidly, a brand new liquidity community in Fantom’s ecosystem, however that has not been sufficient for it to carry towards Ethereum. Lastly, precisely one yr in the past in the present day, Web Laptop hit its all-time excessive of greater than $700; at its present value of $11, it has shed 98.5% of its market worth.

With the Merge on the horizon, in addition to many Layer 2 scaling efforts, there may be additionally a light-weight on the finish of the tunnel for Ethereum that different sensible contract platforms lack. Whereas Ethereum has its share of issues and critics, its standing because the trade chief stays largely unchallenged.

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Disclosure: On the time of writing, the creator of this piece owned BTC, ETH, DOT, and several other different cryptocurrencies. 

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