The era of Ethereum's dominance among first-layer blockchains has come to an end, and a race for leadership has begun among similar platforms, said Alex Svanevik, CEO of analytics company Nansen.
According to Svanevik, there is currently a competition between several blockchains for the right to be the main platform for trading and wider application of blockchain technology:
"If you had asked me three or four years ago whether Ethereum would dominate the crypto space, I would have said yes. But it's clear now that it's not happening. We're seeing smaller networks growing extremely quickly, and a group of five or six leading blockchains is forming. It's an exciting time."
The analyst suggested that Solana could become the main network of the ecosystem, but dozens of other small blockchains are also fighting for their share of the market. Solana's growth is undeniable, the network has overtaken Ethereum in active addresses and transaction volume.
In order to maintain the network's popularity, Ethereum developers need to focus on creating solutions that meet the real needs of customers, rather than short-term tasks, the expert concluded.
Earlier, Cardano founder Charles Hoskinson said that Ethereum has no more than 10-15 years left, despite the fact that the cryptocurrency ranks second in market capitalization.