Which cryptocurrency has the potential to become the “Ethereum Killer”? This question is increasingly being asked and discussed among the crypto communities. Meanwhile, Ethereum’s problems such as high gas fees and low scalability network congestion are becoming more apparent. Therefore, possible substitutes are emerging and DeFi is competing to increase their market share. Crypto analyst Steve Muchoki’s list of Ethereum’s biggest competitors includes Cardano, Solana, and Polkadot. we too Cryptocoin. com, we present these altcoins with the analyst’s comments for a pleasant weekend reading.
Cardano (ADA), a third-generation Blockchain at the top of the list
The network was developed to solve the problems plaguing the Blockchain industry through powerfully peer-reviewed upgrades and updates. Unlike Ethereum, which runs on Proof of Work (PoW), Cardano uses an environmentally friendly Pfoof of Stake (PoS) consensus mechanism. However, it should be noted that Ethereum is also making plans to switch to PoS with ETH 2.0. As for transaction speed, Cardano outperforms Ethereum with 250 transactions per second (TPS), while the latter runs 20 TPS. ETH 2.0 will feature a sharding mechanism that allows 100,000 TPS to be processed. Meanwhile, Cardano is working on Layer 2 Hydra, which can theoretically scale to 1 million TPS.
In addition, Cardano’s smart contracts will launch over the weekend, inviting Cardano (ADA) into the DeFi space. The long-awaited day will determine whether the well-researched design of the network will work in practice on a large scale. According to analyst Steve Muchoki, it’s hard to say which one will top it, given that both Cardano and Ethereum have major upcoming changes. The analyst says that Cardano (ADA) may be closer to Ethereum in terms of market cap, but future events will determine whether it is the Ethereum killer.
“Weak adoption blocks prevent Solana from overtaking Ethereum”
Solana is another network that attracted investors to the native token SOL last month. Like Cardano, Solana aims to solve Ethereum’s series of high transaction costs and scaling issues. Currently, the network is 50,000-65. It can handle 000 TPS. Therefore, the transaction cost is as low as $0.0025, on average, the series of dollars. On the other hand, Ethereum’s range of transaction fees is higher and highly volatile. According to BitInfoCharts, Ethereum’s average transaction fee was $48,178 as of September 9.
As of now, weak adoption blocks are preventing Solana from overtaking Ethereum, according to analyst Steve Muchoki. However, the analyst notes that the narrative may change as Solana releases new NFTs, established institutional investors and SOL’s valuations.
Polkadot solves network congestion via parachains
Despite being on the quieter headlines than the previous two, Polkadot is being cited as a potential Ethereum killer. The network solves the problem of network congestion through parachains connected to the central relay chain. This feature also allows cross chain communication.
Steve Muchoki reminds us that Ethereum can achieve the same with the upcoming sharg. Polkadot may need to compete harder as Cardano and Solana recently surpassed Polkadot (DOT)’s market cap.
Can’t Ethereum, Cardano, Solana and Polkadot coexist?
In particular, the term ‘Ethereum Killer’ seems to be more of a buzzword than an enviable position in reality. According to crypto analyst Steve Muchoki, Ethereum dominates the world of DeFi and its demise will have dire consequences for the cryptocurrencies we’re talking about. Therefore, the analyst says that most multi-network ecosystems should be supported, rather than cryptocurrency maximalism, recalling Cardano founder Charles Hoskinson’s rhetoric of coexistence.