As the dominance of Ethereum is reducing in the market due to its congestion issues and high gas fees. Various other protocols are entering the forefront and claiming their share from Ethereum. Popular Analyst Lark Davis in a new video lists the top 5 cryptos ETH is losing market share to.
Binance Smart Chain
BSC, The 3rd largest cryptocurrency by market cap is currently the leading Dex in the market. It has already managed to capture 15% of the Defi TVL in the last couple of months.
The reason behind its ever-increasing user base is because it’s cost-effective and has varied applications to use. Davis says, it’s fast cheap and friendly and that’s what makes it a go-to protocol to many traders and investors.
His next pick is Terra, which has lately been luring many users with its two major applications, Mirror Protocol and Anchor protocol, Mirror protocol is a synthetic stock platform and has top stocks like Microsoft and Google. While Anchor is a stablecoin protocol.
Davis points out that it is already at Top 20 platform for Total Value Locked and will grow further too.
The analyst mentions Solana and says it is already exploding in the market as it already has 50K transactions per second, and $300M Total Value Locked.
Its been backed by some market giants, it already has a Dex called Serum and has Radium which is exactly like Uniswap but more fast and cheap.
“The upcoming Solna launchpad should help kickstart probably what’s going to be an incredible wave of FOMO of new launches coming to the Solana blockchain all the stuff that’s on BSC, Eth. That’s going to come to Solana pretty soon.”
According to Davis, this is the most happening and talked about protocol in the market. Even though it has still not launched its full network capabilities, developers are ready to build on it.
There are already 200 different projects being built on Polkadot which will be launched soon. It is due for the launch of its parachains, which is expected to happen before Eth 2.0 does. These are the developments the trader banks on, for Polkadot to outperform in the market.
His last pick is Cardano, the analyst says, Although there are no user-focused applications built on Cardano as there is no smart contract functionality. The dedicated team, developers, and the hype around it make it worth it.
It is also believed the launch of Mainnet in August will spike its growth.
“one would not be keen to bet against the Cardano community, they’ve proven time and time again that they are very very excited about what is being built for Cardano, and all those people are basically there ready to use the applications as soon as they do go live.”