The growth of commissions on the Ethereum network has led to a situation where alternative blockchains have the opportunity to declare themselves and attract users due to the greater availability of operations. Smart contract platforms that use all sorts of approaches to solve the scalability problem of the original network are singled out as a separate category of “Ethereum killers”. Analysts at the Weiss rating agency believe that all of them are still very far from winning the status of the centerpiece of the decentralized economy.
Some say that other L1s are “catching up to #ETH“, but we’re highly skeptical. It’s the same story from 2017 where wannabe $ ETH killers sacrificed all semblance of decentralization to be cheaper and faster.
— Weiss Crypto (@WeissCrypto) April 21, 2021
“Some say that other Tier 1 networks are catching up with Ethereum, but we are very skeptical about such claims,” wrote Weiss Ratings. – This is the same story as in 2017, when the Ethereum killers sacrificed all the characteristics of decentralization in order to become cheaper and faster. Everyone knows how it ended. ”
We are talking about projects such as NEO and EOS, which were once in the top of the market, and are now in its third ten. They have been replaced by newer smart contract platforms such as Polkadot and Solana. If we proceed from the value of the own assets of the respective networks, Binance Smart Chain has so far managed to get closest to Ethereum: the rapid growth of BNB occurred precisely against the background of increased activity in the blockchain launched by the exchange. More than 2 million transactions have been passed through the PancakeSwap protocol based on BSC over the past day, which exceeds 1.55 million in the entire Ethereum network. By the way, the Ethereum indicator also turned out to be a record, after miners began to increase the block capacity this week.
Weiss Ratings periodically rates cryptocurrency projects based on several factors, including technological development, market performance and level of diffusion. In the latest version, only two assets received an “A-” rating: Bitcoin and Ethereum. Closest to Ethereum in the Weiss rating was Cardano with a “B” rating. EOS, NEO, Polkadot, Binance Smart Chain and Tron have received a C + rating. At the same time, only Cardano and Polkadot were rated as “excellent” for manufacturability, Ethereum received “good”, and Bitcoin – “satisfactory”.
Cardano founder Charles Hoskinson, meanwhile, has urged Ethereum supporters who call his project a scam to choose expressions. In a recent podcast, Bankless founder David Hoffman talked about the upcoming network improvements for the second largest cryptocurrency, in particular EIP-1559, and at the same time questioned Cardano’s ability to become an “Ethereum killer.”
“Cardano doesn’t even have smart contracts, I’m very skeptical about Cardano. They have no attachments, only staking and possibly submitting. No app tier, no assets, no trading on Uniswap. Cardano is probably an outright scam, ”Hoffman said, highlighting Polkadot as a viable alternative.
Hoskinson, apparently, these words upset.
“It’s incredible. Every day, some podcaster feels comfortable calling Cardano an “outright scam”. It’s one thing to say you’re skeptical. Another is to call us criminals. This is the crypt of 2021. Now you understand why many do not want to contact her, – said Hoskinson. – They ask where our decentralized applications are. It’s like asking someone who’s opening a nightclub that hasn’t opened yet why no one comes to see him. We seem to be still working. ”
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