After Gaining… Can Ethereum Network Competitors Displace It?

term started Ethereum killer In accelerating the pace of its re-emergence in the cryptocurrency markets, as the original tokens of many networks Blockchain blockchain Competitors achieved significant gains during the month of September.

However, for any alternative network to be considered part of this category, it must have one primary feature that serves as the backbone of the network. Ethereum: smart contracts.

With this in mind, the most prominent networks blockchain In terms of market value that usually fall into this area, is Cardano Cardano (ADA) And Solana Solana (SOL) And Binance Smart chin Binance Smart Chain (BSC) And Polkadot Polka dot (DOT) And Tera Earth (MOON).

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Big gains for Ethereum network competitors

Several networks showed promising prospects and gains, including: Cardano recently launched platform Alonzo Alonzo، for smart contracts Bluetooth Plutus on the network, which would allow it to host decentralized finance DeFi and web applications 3.0.

The original currency symbol is witnessed THERE IS A significant increase this year, as it is traded at about 2.40 dollars, a gain of 74.16% in the last 90 day, by 1273.86% year-to-date.

We must not forget here the currency Luna, which has achieved more than 500% in the last 90 day, and5،477% since the beginning of the year to date, and is currently trading at about 36 dollars.

These big gains often put the cryptocurrency in the spotlight, which is an enhancement to its core platform and technology that attracts more users, and increases adoption rates.

network pass Ethereum It is currently in an important stage of its transformation into Ethereum 2.0، which is Blockchain to prove the stake in full (PoS), after undergoing an update Hard Fork Hard fork In London, which brought important updates such as EIP–1559.

This change mainly affected the inflation rate of the tokens and mining revenue, as a portion of the fuel fee is now burned, after the upgrade.

According to the data, more than 311300 Password Ethereum Approximately nominal value 1.1 billion dollars, and the current burning rate 2.7 million symbols Ethereum annually, which will put the inflation rate at 2.3%, with version 5.3 million tokens annually.

And don't come back Ethereum Net Blockchain The only one that implements this kind of pricing mechanism, it burns Solana turn 50% of their transaction fees.

A spokesman Solana Labs Solana Labs:

“I changed the promotion Ethereum London Incentives for miners, and some believe that this would increase miners’ returns MEV, as a result of random arrangement of transactions, solutions have been launched to address this, but the cost of transactions on the network Ethereum It is still an obstacle for many.”

Read also: Bitcoin swings at $48,000, Ethereum continues its rally

Ethereum is still far from everyone despite the competition

Although the original tokens of the rival networks have made impressive gains, a closer look at the data on the chain reveals that the use of the network Ethereum And the size of its market share, still “dwarfs” the entire remaining smart contract platform market.

and owns a network Ethereum Currently, the market value is more than 400 billion dollars, which is much higher than the rest of the market, and comes Cardano As the closest network to it in terms of value, with a capital of 76 billion dollars, which does not even constitute 20% of value Ethereum.

as topping Ethereum The market is currently in the field of non-fungible tokens NFTs, in addition to all platforms NFT the biggest, open sea Open Sea And Crypto banks Crypto Punks And X Infinity Axie Infinity, which are all built on a network Ethereum.

And with the continuation of Ethereum In building momentum towards its eventual transition to proof-of-stake on Blockchain The confidence that financial markets show in their potential is gradually increasing.

It is reported that a report issued by the Bank Standard Chartered Standard Chartered Briton, had discussed real-world use cases for the network Blockchain And, accordingly, he estimated the value of a coin Ethereum “structurally” between 26 And 35 one thousand dollars.

As the currency continues within its upward trends, the probability of reaching 6500 Dollars are to be expected, over the next few months.