Cryptoknowmics
2022-05-21 00:30:22

Cardano, Solana, Avalanche, and Polkadot Compete For Ethereum’s DeFi Supremacy

Ethereum is currently in the driver’s seat when it comes to the region of DeFi, NFTs and smart contracts; however, as the network’s transaction (gas) fees continue to rise and the adoption of smart contracts continues to grow on other blockchain networks, it is possible that there will not be a single market king for smart contracts. Instead, multiple cryptocurrencies may look to stay on top. Others looking to take a larger market share in DeFi Ethereum was the first cryptocurrency to feature smart contracts, and its network already hosts numerous projects. Due to this extensive use of smart contracts, Ethereum experienced remarkable popularity in the cryptocurrency world last year. Although this is a positive development for the second-largest cryptocurrency in the world, congestion issues and high transaction fees persist. Ethereum’s developers have already devised a solution to the network congestion and scalability problem, which is Ethereum 2.0. However, until Ethereum completes this upgrade, several alternative smart contract cryptocurrencies will continue to compete for market dominance. Ethereum is one of the primary participants in DeFi and presently leads the NFT industry, but this is poised to change in the face of severe competition from prominent competing blockchains supporting smart contracts, such as Avalanche (AVAX), Cardano (ADA), Solana (SOL), and Polkadot (DOT). All of these competing blockchains operate di...

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