With the average transaction fees of the Ethereum network rising again, exploring new layer one blockchains that can host DeFi and NFT projects could be fruitful research. In this article, let’s list the strongest Ethereum competitors in the altcoin market, from AVAX to NEAR.
Strongest Ethereum competitors
NEAR is one of the strongest projects seen as a competitor to Ethereum. Near Protocol (NEAR) appeals to early investor candidates due to its balanced supply-demand ratio, stability in its mission, and prospects for listing. Its total supply is NEAR one billion and $659 million is in circulation. It has gained more than 50% in value in the past 30 days.
A recent Grayscale report highlighted Solana’s fast and diverse uses. Although Solana’s architecture is more centralized than other networks, it can meet the required speed and low costs. As we have covered in the news of Kriptokoin.com, the Solana (SOL) ETP product will be traded on the Euronext exchanges in Paris and Amsterdam on April 6th. According to CoinGape Markets, its price could reach $150 in April as more European investors reach Solana. Meanwhile, SOL gained more than 15% on April 1, regardless of the market overall. It is trading around $130 at current levels.
Next Ethereum competitor: Avalanche (AVAX). It is fighting intensely with Solana among the top 10 cryptocurrencies. According to the Grayscale report, AVAX may gain a different identity in the future thanks to its partnerships with companies such as Deloitte. AVAX, the 10th largest cryptocurrency by market cap, is trading just under $100 to approach its ATH of $146.22.
Cardano sets itself apart from other Ethereum competitors by being more environmentally friendly. After a rough start with the implementation of smart contracts, it has rapidly rebounded in recent months. It rose more than 25,000 percent to $300 million in TVL since Jan. Meanwhile, popular hip-hop artist Snoop Dogg has announced that he plans to stream NFTs on Cardano. He will meet with Charles Hoskinson at a Twitter meeting in the coming days.
Algorithmic stablecoin Terra (LUNA) came to the fore with more than $10 billion of Bitcoin purchases in March 2022. Luna Foundation Guard has announced that it will purchase billions of BTC for the stablecoin UST reserve. The impact of the announcement on Bitcoin provided the momentum it needed to surpass $46,000, while on April 3, LUNA reached its ATH of $117.91. As can be seen from this, it is one of the strongest Ethereum competitors in the leadership race. Let’s end with
Phantom (FTM). The announcement of Andre Cronje, one of the well-known DeFi developers, to leave the industry triggered a double-digit drop in FTM price. Quickly recouping these losses, Fantom is defined as a next-generation smart contract platform that can outperform Solana and Ethereum in the future.
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