In a video recently posted for his hugely popular YouTube channel, New Zealand-based cryptanalyst and influencer Lark Davis (@TheCryptoLark on Twitter) talked about five major blockchains that could take market share from Ethereum.
Davis made his comments on a video he posted on April 14th. Davis preceded the video by calling himself a “massive” Ethereum backer, but noted that the increasing popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs) created fierce competition:
“I am a massive bull of Ethereum, and I believe Ethereum can and will keep its promises of scale. But until that happens, I think there is an incredible investment opportunity with other smart contract platforms and of course you know that I believe in the theory of one network, many chains. That is the reality of what is being built. “
Below are some highlights from his comments on these competitors (Binance Smart Chain, Polkadot, Cardano, Terra and Solana).
Binance Smart Chain (BSC)
“The first and most obvious blockchain (at this point) that has already managed to gain market share from Ethereum is the Binance Smart Chain. Well, it leaves much to be desired in terms of its centralization problems. It still managed to capture 15% of the total DeFi banned in recent months. No other blockchain has ever managed to capture such a large market share from Ethereum and you can see why: the fees are dirt cheap, there are a ton of apps that can be used on BSC (PancakeSwap), it’s fast, it is simple, it’s a pleasure to use, it provides a good experience for users. “
Speckle
“The whole ecosystem for polkadot – what is being built is incredible. I’ve never seen such excitement from developers and investors building on a blockchain that hasn’t even fully implemented its networking capabilities. There are probably – I would say – around 200 different projects right now that either build on or say they integrate with Polkadot. “
Cardano
“There’s a simple reason you shouldn’t count Cardano. It’s the level of hype and the dedicated community for Cardano – absolutely massive. Absolutely massive. Cardano is one of the top blockchains in terms of a highly motivated and enthusiastic user base. In any case, I wouldn’t like to bet against the Cardano community. “
Selected image source: Photo via Pixabay.com
The views and opinions of the author or the persons named in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets carries a high risk of financial loss.
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