The competition for Ethereum is becoming more serious, especially with it having to defend its market share. The past few months have borne witness to the explosion of innovation across the cryptocurrency industry. A set of new blockchains are coming, new DeFi, new chains, new NFTs, new tokens. Many protocols are integrating multiple chains, and the dominance of Ethereum is slipping, especially as it tries to update itself, lower fees and make the user experience better.
Ethereum, hopefully, can and will deliver on its promises to scale, but until then, there is an incredible investment opportunity with other smart contract platforms.
Several smart contract platforms are staking their claim to a bit of market share. The first blockchain on this list that has already managed to capture market share from Ethereum is the Binance Smart chain. Despite its centralization issues, it has still managed to capture 15% of the DeFi total value locked in the last few months. No other blockchain has ever managed to capture such a large amount of market share from Ethereum. This capturing market share is possible because Binance fees are cheap, there are multiple applications to use over on the Binance smart chain, it is fast and simple. The Binance smart chain also offers a good experience for users, and it is what people want. It is very clear that new people coming into the market do not want to pay about 50 or 100 dollars for a swap on Uniswap; they want access to DeFi, they want access to Yield Farming, they only want affordable interaction with the chains.
The next chain on the list is Terra Luna. Terra Luna managed to storm into the market and capture market share; it was built using the Cosmos SDK, which many top DeFi protocols use to build their blockchains. Terra has two major applications; Mirror protocol and Anchor protocol. These applications have been performing exceedingly well in getting users.From the look of things, Terra Luna is one chain that we will continue to hear about, and it will continue to take market share as long as they keep providing products that people want to use at affordable prices.
Lastly, the third coin on this list is Solana. Solana is a blockchain with 50,000 transactions per second, and some of the biggest names in crypto are putting their money behind it. Its DeFi ecosystem is already exploding, with loads of stablecoins, and many different DeFi protocols are now operating on the Solana blockchain. All the things on Ethereum and Binance smart chain will come to Solana very soon. Although we have Serum, the premier Solana decentralized exchange, Radium is a major upcoming Uniswap-like exchange on Solana and a liquidity service provider like Uniswap. Radium and Serum have over 300 million dollars of total value locked. Solana-based DeFi is catching up quickly and getting noticed.
Ethereum has a lot to do because these smart chains mean serious business, and they are providing services to their users.
