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Its present an "open race" for enactment among layer-1 blockchain networks, Nansen's CEO said.
Ethereum’s comparative dominance among layer-1 (L1) blockchain networks has declined, resulting successful an “open race” to go the starring Web3 platform, according to Alex Svanevik, CEO of information work Nansen.
“If you’d asked maine 3–4 years agone whether Ethereum would predominate crypto, I’d person said yes,” Svanevik said during a sheet treatment astatine the LONGITUDE by Cointelegraph event. “But now, it’s wide that’s not what’s happening.”
Ethereum is inactive the astir fashionable L1 network. According to information from DefiLlama, its astir $52 cardinal successful full worth locked (TVL) represents 51% of cryptocurrency residing connected blockchain networks.
However, Ethereum’s dominance has diminished sharply since 2021, erstwhile the L1 controlled arsenic overmuch arsenic 96% of aggregate TVL, the information shows.
Panelists astatine the LONGITUDE by Cointelegraph lawsuit successful Dubai. Source: Cointelegraph“It’s an unfastened contention betwixt aggregate L1s for becoming the go-to level for trading and broader blockchain use,” Svanevik said.
“We’re seeing smaller chains turn highly fast, and a radical of 5 oregon six chains emerging arsenic leaders. It’s an breathtaking time,” helium said.
Cointelegraph’s LONGITUDE is an lawsuit bid that brings unneurotic leaders and innovators from the blockchain and Web3 abstraction for exclusive discussions.
TVL organisation among blockchain networks. Source: DeFiLlamaRise of Solana
Solana (SOL), an alternate layer-1 known for faster transactions and little fees than Ethereum, is successful rod presumption to go Web3’s adjacent starring chain, according to the Nansen CEO.
“Solana has overtaken Ethereum connected astir onchain metrics — progressive addresses, transaction volume, adjacent state fees,” Svanevik said. “Ethereum inactive leads successful TVL, and stablecoin issuance is inactive strong, but Solana’s maturation is undeniable.”
Meanwhile, dozens of smaller L1s are besides vying for marketplace stock — and not each of them are gaining sustainable traction, Vardan Khachatryan, main ineligible serviceman of trading level Fastex, told Cointelegraph during the panel.
"Unfortunately, what we spot successful world is that chains go fashionable erstwhile they are the hype of that peculiar bull run, caller coins, airdrops, etc., alternatively than sustained adoption,” Khachatryan said.
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