The relative domination of Ethereum among the blockchain network of layer 1 (L1) has fallen, which caused the “open breed” to become the leading Web3 platform, according to Alex Svanevik, CEO Data Service Nansen.
“If you asked me 3-4 years ago if Ethereum would dominate the crypto, I would say” yes “, said Svanevik during a panel discussion about the length before the Cointelegraph event. “But now it is clear that not what is happening.”
Ethereum is still the most popular L1 network. According to Defilla data, about $ 52 billion in total blocked (TVL) accounts for 51% of cryptocurrencies living in blockchain networks.
However, the domination of Ethereum has rapidly decreased since 2021, when L1 controlled up to 96% of TVL of aggregates.
“This is an open race between many L1 to become a trade plan and wider utilize of blockchain,” said Svanevik.
“We see that smaller chains grow extremely quickly, and a group of five or six chains appears as leaders. It’s an exhilarating time,” he said.
The geographical length of Cointelegraph is a series of events that combines leaders and innovators from the blockchain and Web3 space for exclusive discussions.
Sallany
Solana (SOL), an alternative layer 1 known for faster transactions and lower fees than Ethereum, is in the pole position to become another leading web3 chain, according to Nansen CEO.
“Solana overtook Ethereum in most Onchain indicators – energetic addresses, transaction volume and even gas fees,” said Svanevik. “Ethereum still runs on TVL, and Stablecoin emissions are still forceful, but the raise in sooty is undeniable.”
Meanwhile, dozens of smaller L1 also compete for market share – and not all of them gain balanced adhesion, said Cointelegraph, legal director of the Fastex trading platform.
“Unfortunately, in fact we can see that the chains become popular when they are the noise of this particular bull, fresh coins, air discs, etc., instead of enduring adoption,” said Khacharatyan.
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