In the cryptocurrency field, the title of 'Ethereum killer' has been around for a long time, with XRP, ADA, SOL, and others being typical representatives. In the past, these cryptocurrencies, which were highly anticipated, were seen as forces with the potential to challenge Ethereum's dominance. After years of development and market changes, have they really achieved the feat of surpassing Ethereum? What stories and development logic are behind this?
First, let’s mention that as of now, April 29, 2025
ETH market capitalization 1.5 trillion
XRP market capitalization 980 billion
SOL market capitalization 560 billion
ADA market capitalization 180 billion
Collectively, the total market capitalization has surpassed Ethereum, making it a veritable Ethereum killer. In terms of current development, the market capitalization will only continue to rise and improve. Below, we will look at some specific analyses and data. With Old Trump announcing the inclusion of these three major cryptocurrencies into the U.S. strategic asset reserve, they have welcomed a significant turning point in their fate. What once seemed an unattainable dream is gradually becoming a reality.
1. XRP: A resurgence in compliance and market value
(1) Value reassessment under the dawn of compliance
For a long time, XRP has been mired in legal disputes with the U.S. Securities and Exchange Commission (SEC), severely limiting its development in the U.S. market and the expansion of its global influence. However, with the recent subtle changes in the regulatory environment, especially after Trump announced the inclusion of XRP in the U.S. strategic asset reserve, this undoubtedly brings unprecedented development opportunities for XRP. Following this announcement, market confidence in XRP surged, with a large influx of funds driving its price up rapidly. From the data, it can be seen that shortly after the announcement, XRP’s market capitalization showed significant growth, gradually narrowing the gap with Ethereum.
(2) Unique functional advantages and enhanced market position
From the beginning, XRP has been dedicated to solving the pain points in the cross-border payment field. Its transaction speed is extremely fast, capable of completing a cross-border transaction in seconds, with low fees, which starkly contrasts with traditional cross-border payments that often take days and incur high fees. At the same time, XRP has high scalability, capable of meeting the demands of large-scale transactions globally. With these unique advantages, XRP has attracted the attention and cooperation of many financial institutions, such as collaborating with Santander Bank on cross-border payment projects. As the number of partners continues to increase, XRP’s market share in the cross-border payment field is gradually expanding, and it is becoming an important player in this sector. Although Ethereum is also continually expanding its financial application scenarios, in the niche field of cross-border payments, XRP has already secured a position thanks to its first-mover advantage and unique technology, surpassing Ethereum in specific areas.
(3) The possibility and challenges of surpassing market capitalization
From a market capitalization perspective, XRP has successfully surpassed Ethereum in terms of fully diluted market value (FDV). This means that if all XRP tokens were to enter the circulating market, its potential value would exceed that of Ethereum. Currently, a large number of XRP tokens are still in custody, and once these tokens are gradually unlocked and enter the market, coupled with steadily growing market demand, it is not impossible for XRP's actual market value to surpass Ethereum. Of course, this process also faces many challenges, such as market acceptance of XRP, the stability of regulatory policies, and the rise of other competitors. However, XRP has already demonstrated strong potential and development momentum, posing a substantial threat to Ethereum’s market position.
2. ADA: The latecomer advantage of technological innovation and ecosystem expansion
(1) Academic-driven technological innovation
The Cardano blockchain project, where ADA resides, is built by a team of top cryptographers and engineers, emphasizing academic research and technological innovation from the very beginning. It employs a unique Ouroboros proof-of-stake consensus mechanism, which offers higher energy efficiency and security compared to Ethereum's original proof-of-work mechanism, effectively avoiding fork issues. Additionally, Cardano has innovated in the design of smart contracts by introducing a multi-layer architecture, making the development of smart contracts more flexible, secure, and efficient. For instance, when processing complex financial transactions and data, Cardano's smart contracts can demonstrate better performance and stability.
(2) Active ecosystem construction and global cooperation
Cardano places great emphasis on building its ecosystem and actively collaborates with businesses, governments, and institutions around the world. In Africa, Cardano works with the Ethiopian government to apply blockchain technology to the country's education system, achieving decentralized management of student degree certification and educational resource allocation, thus improving the fairness and transparency of education. In Europe, Cardano collaborates with several financial institutions to explore innovative applications of blockchain in the financial sector, such as cross-border payments and supply chain finance. Through these collaborations, Cardano not only expands the application scenarios of ADA but also attracts a large number of developers and users to join its ecosystem, further enhancing the value of ADA.
(3) Technologies and application prospects that surpass Ethereum
With the continuous maturation of technology and the improvement of the ecosystem, ADA has already shown potential to surpass Ethereum in several aspects. In terms of technical performance, Cardano's scalability and transaction processing capabilities outperform Ethereum, better meeting the demands of large-scale applications in the future. In application scenarios, ADA attracts more industry attention and applications with its successful cases in education, finance, and other fields. For example, in the decentralized finance (DeFi) sector, the number of DeFi projects developed based on Cardano is gradually increasing, with these projects performing well in terms of security and user experience. It is foreseeable that in the future blockchain application market, ADA is expected to leverage its technological and ecosystem advantages to surpass Ethereum in more areas and become one of the leaders in the blockchain industry.
3. SOL: The rise of high-performance public chains and market recognition
(1) Outstanding performance and user experience
The Solana blockchain is known for its outstanding performance. It utilizes a proof-of-history (PoH) consensus mechanism, combined with other innovative technologies, to achieve astonishing transaction speeds, theoretically reaching 710,000 TPS, with a transaction confirmation time of just 400 milliseconds, and very low transaction fees. This high performance allows Solana to handle large-scale transactions effortlessly, providing users with an exceptional experience. For example, in the decentralized exchange (DEX) sector, the DEX trading volume on Solana once exceeded that of Ethereum, with many users choosing to trade on Solana due to its fast transaction confirmations and low fees.
(2) A strong ecosystem and developer support
Solana has a vibrant and innovative ecosystem that attracts numerous developers and projects. In the NFT sector, NFT projects on Solana have sprung up like mushrooms after rain, gaining popularity among users due to their unique designs and fast minting speeds. At the same time, Solana has received support from many well-known investment institutions and enterprises, providing strong financial and resource backing for its ecosystem development. For example, Circle has added its euro-backed stablecoin EURC to Solana, further enhancing its utility in European remittances and peer-to-peer transfers. All of this has continuously increased Solana's market visibility and influence.
(3) Erosion of and surpassing Ethereum's market share
With the continuous improvement of performance and ecosystem, Solana has formed a clear erosion of Ethereum’s market share. In multiple cryptocurrency application fields, Solana has attracted a large number of users and projects to migrate from Ethereum with its advantages. In terms of market capitalization rankings, Solana once surpassed Ethereum, rising to the forefront of the cryptocurrency market capitalization leaderboard. Although Ethereum still occupies a leading position in overall market capitalization and ecosystem scale, Solana’s rapid development has already put it under significant pressure. In the future, with the further development of the Solana ecosystem and continuous technological innovations, it is expected to surpass Ethereum in more aspects and become a new giant in the cryptocurrency market.
Old Trump’s inclusion of XRP, ADA, and SOL into the strategic asset reserve is undoubtedly a recognition of their value and injects strong momentum into their development. These three cryptocurrencies are continuously breaking new ground in their respective fields, and the dream of challenging Ethereum is no longer elusive. They are rewriting the cryptocurrency landscape in their own ways, making great strides towards the peak of the industry. The future cryptocurrency world may be dominated by them, establishing a new order.
