In a recent video for his very popular YouTube channel, popular New Zealand-based crypto analyst and influencer Lark Davis (@TheCryptoLark on Twitter) talked about five major blockchains that could take market share from Ethereum.
Davis made his comments in a video he released on April 14. Davis prefaced the video by calling himself a “massive” Ethereum supporter but noted the rising popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs) was creating stiff competition:
“I’m a massive Ethereum bull, and I believe that Ethereum can and will deliver on its promises to scale. But until that happens, I think there is an incredible investment opportunity with other smart-contract platforms, and of course you guys know that I believe in the ‘one network, many chains theory.’ That is what is the reality of what is actually being built out right now.“
Below are some highlights from his comments about these competitors (Binance Smart Chain, Polkadot, Cardano, Terra, and Solana).
Binance Smart Chain (BSC)
“The first and the most obvious (at this point) blockchain, which has already managed to capture market share from Ethereum, is the Binance Smart Chain, and well yes, it does leave a lot to be desired in terms of its centralization issues, it still managed to capture 15% of the DeFi total value locked in just the last few months. No other blockchain at any point has managed to capture such a large market share from Ethereum, and you can see why: the fees are dirt cheap, there are loads of applications to use over on BSC (PancakeSwap), it’s fast, it’s simple, it’s a pleasure to use, it’s offering a good experience for users.“
Polkadot
“The total ecosystem for Polkadot — what’s being built is incredible. I’ve never seen such a level of excitement from developers and from investors to build on a blockchain which has not even fully yet launched its network capabilities. There are probably right now around – I would say – approximately 200 different projects building on or saying they’re integrating with Polkadot.“
Cardano
“There’s one simple reason you should not be counting out 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 having a highly motivated and highly enthusiastic user base. I for one would not be keen to bet against the Cardano community.“
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a high risk of financial loss.