đ§ Ethereum loses prominence among blockchains
The relative dominance of Ethereum 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 cryptocurrencies, I would have said yes," said Svanevik during a panel discussion at the LONGITUDE event by Cointelegraph. "But now, itâs clear that this is not what is happening."
Ethereum is still the most popular L1 network. According to data from DefiLlama, its approximately $52 billion in total value locked (TVL) represents 51% of the cryptocurrencies residing on blockchain networks.
However, Ethereum's dominance has drastically decreased since 2021, when the L1 controlled up to 96% of the total aggregated TVL.