Crypto analyst Lark Davis revealed Ethereum (ETH) is facing stiff competition as the decentralized financial markets (DeFi) and non-fungible tokens (NFT) explode.
While there’s no denying Ethereum still has potential with large-scale offerings, before it really happened, there were a number of smart contract platforms first stealing the attention of investors and app developers.
BINANCE SMART CHAIN (BSC)
It is clear that BSC managed to cut the popularity of Ethereum when the network was faced with the issue of excessive gas prices. In just a few months, BSC has grabbed 15% of DeFi’s total locked -in value, proving the first blockchain capable of doing so.
POLKADOT (DOT)
Polkadot is among the best ecosystems that can be said. The majority of developers and investors are excited about the network’s capabilities even though it is still not fully launched.
According to Davis, it can be said that nearly 200 projects are being developed on the network, or more accurately integrated with Polkadot.
CARDANO (ADA)
The Cardano community and the hype around it is incredible! If given attention, Cardano is one of the top blockchains that has a relatively large user base. In fact, Cardano itself is actively expanding its ecosystem with the latest going to support the NFT market.
Because of that, these analysts are very confident of Cardano’s growth that will overtake Ethereum in the future.
Davis also mentioned that Terra and Solana are also together with BSC, Polkadot and Cardano, making Ethereum now 'surrounded' by five great competitors.
