The explosion of ETH and the popularity of the DeFi project has led to an increase in gas prices on the Ethereum network and caused its users to turn to other alternatives.
While the crypto sector assumes the network will be cut off by Binance Smart Chain (BSC) or Polkadot, market analysis firm Weiss Crypto Ratings is confident no platform can ‘kill’ Ethereum.
In a tweet uploaded last night, Weiss Crypto revealed they are more confident in Ethereum’s superiority despite more and more decentralized platforms growing up in recent times.
“Some claim that many L1 networks are chasing ETH but we are very skeptical. It's just the same story as in 2017 where a lot of competitors are trying to come up with cheaper and faster features. ” @WeissCrypto.
L1 or Layer-1 refers to the basis of the blockchain and L2 is a network developed on the basis of the blockchain such as: Bitcoin Lightning Network and Ethereum Plasma.
In fact, it is not an exaggeration that the firm thinks that Ethereum's competitors who are supposed to 'win' will end up in grief because the advent of Ethereum 2.0 will eliminate its competitors.
As Weiss Crypto quoted, 2017 saw many projects plummet. Among them, EOS and NEO who failed to achieve their targets despite the green crypto market in 2020 and 2021.
The firm simultaneously grades several crypto projects based on technology, market performance, application rate and others. Overall:
Bitcoin, Ethereum: A-
Cardano: B
EOS, NEO, Polkadot, Binance Smart Chain, Tron: C+
While from the aspect of technological development, there is no denying that Cardano and Polkadot are recognized as the ‘Best’, Ethereum receives ‘Good’ and Bitcoin gets ‘Moderate’.
