Top 5 Ethereum Killers to Watch in 2022

Published April 21st, 2022 - 05:00 GMT
Top 5 Ethereum Killers to Watch in 2022
To put this into some perspective, the total amount of money invested in staked crypto assets such as smart contracts and deposits with yield and staking apps is called total value locked (TVL). (Shutterstock)
Highlights
In this article, we’ll list 5 game-changing blockchains that are dubbed Ethereum rivals with predictions that they would eventually elbow out Ethereum in TVL.

Plagued with high gas speeds, congestion, and slow network speeds, the Ethereum network has been heavily grilled over the past few years. As innovation doesn’t wait for anyone especially in such a competitive field, developers as well as users are seeking blockchains that can meet up for the demand without a hustle. 

Although the Ethereum network is attempting to scale by switching from the proof of work to a proof-of-stake consensus, this long-awaited upgrade has taken longer than anticipated is the main force driving entrepreneurs to migrate to other blockchains thus came the nickname “Ethereum killers”. To put this into some perspective, the total amount of money invested in staked crypto assets such as smart contracts and deposits with yield and staking apps is called total value locked (TVL).

In this article, we’ll list 5 game-changing blockchains that are dubbed Ethereum rivals with predictions that they would eventually elbow out Ethereum in TVL.

  1. Solana

At the top of the list we have, Solana, which is a decentralized blockchain built to enable scalable, user-friendly apps for the world backed by crypto billionaire Sam Bankman-Fried, is becoming wildly popular among developers as well as investors. Considered to be "a potential long-term rival for Ethereum" by Bloomberg and being highlighted by The World Economic Forum, Solana has lured a wide range of developers who were looking for an alternative for the first programmable blockchain due to its congestion and high fees. This migration of projects drove the adoption of SOL, securing its spot among the top tier coins due to its rock-bottom transaction fees.

Also, Considered one of the fastest cryptocurrencies, Solana can process at least 50,000 transactions per second (TPS) at a cost of less than $0.01 per transaction, while Ethereum processes only 15 to 45 TPS. The Total Value Locked (TVL) on Solana is $6.88b. 

  1. Cardano

The perks of using Cardano, which was founded on peer-reviewed research and developed through evidence-based methods, is its speed. Not only Cardano is considered one of the fastest cryptocurrencies with the ability to handle 2 Million Transactions Per Second (TPS) with 2,000 staking pools, Cardano is also considered as one of the most scalable blockchains, by the World Economic Forum. Being one of the fastest-growing proof-of-stake blockchain platforms, ADA has climbed up the exploding popularity chart by crypto market cap since its creation in 2015. 

According to DefiLlama.com, Cardano's Total Value Locked (TVL) has been increasing, rising to $257 million from $114 million at the end of February.

  1. Terra

Being one of the newest blockchains in the crypto space didn’t prevent Terra from making eye-watering astronomical gains. Terra is a public blockchain protocol deploying a suite of algorithmic decentralized stablecoins which underpin a thriving ecosystem that brings DeFi to the masses.

Truth be told, the excitement around Terra is currently skyrocketing, owing to the fact that FOMO (Fear of Missing Out) is a major factor in the ecosystem's rapid growth. Investors and traders alike became LUNAtic as Terra's total value locked (TVL) rose to over $20 billion this year, overtaking both Binance Smart Chain and Solana as the second-largest DeFi blockchain.

  1. Avalanche

In just a few months of rapid adoption, Avalanche has bewitched the crypto community with its idea of interoperability of blockchains launching the Avalanche Bridge (AB) which enables easy transfers of Avalanche and Ethereum assets between blockchains. One of the main strengths of Avalanche is its scalability, it can process 4,500 transactions per second, with the full, production-ready version of Avalanche having the potential to achieve over 20,000 transactions per second, with a fee of only $0.095. Avalanche is living up to its hype dubbed ‘Ethereum killer’ going wildly popular among traders as the excitement over new partnerships is yet another encouraging reason for investing in the coin. The network’s TVL is $11.08 billion.

  1. Polkadot

Being a blockchain interoperability pioneer with unique infrastructure that makes it ahead of Ethereum, Polkadot is a next-generation Web3 platform that introduces a new era in scalability by connecting blockchains and enabling cross-blockchain “parachains” interoperability. Polka has a fast-growing user buzz making it one of the most anticipated projects in the industry. 

With the trend of interoperability is expected to spill over in coming years, Polkadot’s TVL is said to exceed $3,964,100. 


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