$SOL LONGITUDE Panel: The Era of Ethereum's Dominance in Cryptocurrencies Has Ended

Now it is an "open race" for leadership among layer 1 blockchain networks, said the CEO of Nansen. Ethereum's relative dominance among layer 1 (L1) blockchain networks has decreased, resulting in an “open race” to become the leading Web3 platform, according to Alex Svanevik, CEO of the data service Nansen.

“If you had asked me 3 or 4 years ago if Ethereum would dominate the cryptocurrency sector, I would have said yes,” said Svanevik during a panel discussion at Cointelegraph's LONGITUDE event. “But now, it is clear that is not happening.”

Ethereum remains the most popular L1 network. According to data from DefiLlama, its approximately $52 billion in total value locked (TVL) represents 51% of cryptocurrencies residing on blockchain networks.

However, Ethereum's dominance has drastically decreased since 2021, when the L1 controlled up to 96% of the aggregated TVL, according to the data.