The fall of the “Ethereum Killer”
Qtum, Tron, EOS, and Komodo-once dubbed the “Ethereum Killer” protocols due to their high transaction throughput, and low gas fees-may not be the killers they were originally thought to be.
Ethereum at the Top of the Crypto World
According to a recent report by Outlier Ventures, a venture capital firm, blockchain developers are devoting less time to the once-popular Ethereum killer protocols, in favor of other projects.
According to the report, newer multi-chain protocols such as Polkadot, Cosmos, and Avalanche have seen a steady increase in core development, while Qtum, Tron, EOS, and Komodo have seen a decline in development performance.
According to GitHub, their development dropped by 50% during 2020, through early 2021. Blockchains focused on inter-protocol interaction or decentralized finance (DeFi) received the largest increase over the same time period.
Ethereum still leads the way, with more than twice as many active developers (220) as Bitcoin (103). The second most popular blockchain is Cardano with 144 developers. Hyperledger and Filecoin complete the top five most actively developing blockchains.
The sharp decline you see in the chart above is the decline that occurs every year during the Christmas holiday period.
The road to $5k?
We are all watching Ethereum break all possible and impossible records: ETH at $4,150! What if the party is just getting started?
Definitely, this is a Monday event that can’t be missed, because the Air continues to burn! Just a week after breaking the $3,000 mark, Ether has made a grand move over the weekend.
It’s safe to say that 2021 still feels like the year of Ethereum. Indeed, in the smart contract blockchain, the DeFi ecosystem continues to evolve and reach new dimensions.
At the same time, it has also taken advantage of the advantage offered by NFT to a wider and newer audience when it comes to blockchain. The $69 million sale of Artist Beepl seems like a perfect example.
Just a week after breaking the $3,000 mark, the price of ETH has surpassed $ 4,000 this morning, and is now hovering around $4,150. But this should not be surprising when comparing network metrics.
Indeed, the Ethereum network shows that the number of transactions performed daily is increasing day by day. Thus, the network just broke a new record with more than 1.5 million transactions per day, which is 50% more than since January 1, 2021.
Obviously, all of these transactions have the same goal: to participate in the various protocols that make up DeFi. A theory supported by CryptoFee data. Thus, Ethereum, the eight DeFi protocols, and Bitcoin are among the top ten most expensive protocols.
Unsurprisingly, the giant Uniswap takes most of the fees as it is extremely busy. It is in second place, ahead of Bitcoin, and may well continue to grow after the release of version 3.0 of its protocol.