Ethereum News: Ethereum’s Era of Dominance Is Fading as Solana, Other L1s Emerge as Contenders—LONGITUDE Panel
Ethereum no longer the clear L1 leader, says Nansen CEO at LONGITUDE event.
Ethereum’s long-standing dominance as the leading Layer-1 (L1) blockchain is waning, with a new generation of competing networks rising rapidly in adoption and performance, according to Nansen CEO Alex Svanevik. Speaking at the LONGITUDE by Cointelegraph panel, Svanevik declared that the L1 race is now “open,” with no single chain holding an uncontested lead in the Web3 space.
Ethereum’s TVL dominance plunges from 96% to 51%
Once commanding nearly 96% of the total value locked (TVL) across all blockchains in 2021, Ethereum now accounts for just 51%, per DeFiLlama data. Although still the top chain in terms of TVL—with around $52 billion locked—Ethereum’s relative control has weakened as alternatives attract users with faster speeds, lower costs, and novel incentives.
“If you’d asked me 3–4 years ago whether Ethereum would dominate crypto, I’d have said yes,” Svanevik said. “But now, it’s clear that’s not what’s happening.”
Solana emerges as a serious contender.
DYOR
