Which is the best “Ethereum killer”?

Ethereum runs the second-biggest digital asset and is the largest platform where DeFi projects are created. It was extremely popular during the rise of NFTs since they are also based on smart contracts. In general, many users from all over the world find Ethereum quite an efficient platform to craft its solutions.

Nevertheless, younger and more ambitious ecosystems appear every year. Cryptocurrency enthusiasts call them “Ethereum-killer”. They think their rise can make developers forget about Ethereum. Is it ever possible to “kill” such a big and long-established brand? We’ll see what Ethereum’s competitors offer but first, we need to understand how Ethereum reached such heights.

The Rise of Ethereum

The launch of Ethereum (ETH) took place in 2015. Over the course of time, this project has grown to the second-biggest ecosystem after Bitcoin. As of the date of writing this comparison review, the total market value of the project exceeds $190 billion.

Ethereum (ETH) was a pioneer in many directions of this industry. For example, it was the first startup to raise funds for the launch via the system of Initial Coin Offering.

In addition to this, it was the first smart-contract project. Thanks to this innovation, we know can use various networks to develop different decentralized apps.

Best Candidates

There are a lot of startups that apply the technology of smart contracts. They are all much smaller. That’s why they need a lot of time to outperform it. Nonetheless, developers are creating new projects that update the existing infrastructures and implement new solutions. For instance, we might consider the Solidity solution, adapted by such projects as Tron (TRX) and Binance Smart Chain.

Nonetheless, there are a few startups that have a chance to outperform Ethereum in the following years. The Cardano (ADA) network is one of the possible Ethereum killers. Starting in 2017, Cardano applies many similar solutions but unlike Ethereum, Cardano is constantly growing. As of today, it has achieved quite impressive heights, reaching 9th place in the rating of the biggest cryptocurrencies.

Solana (SOL) is smaller than Cardano in terms of market capitalization. But this project also had less time for its growth, as it was started in 2019. Solana vs Ethereum is quite an interesting competition in the market. Even though Solana is supposed to be more innovative, having its own proof-of-history algorithm, Ethereum is better decentralized, which is one of the most essential features of any blockchain. Nevertheless, Solana is worth attention to as it’s a scalable ecosystem that is able to process over 50,000 tps.

Last but not least, we should consider Algorand as one more Ethereum killer. Basically, it applies the same solutions to power the ecosystem. The crucial difference between Algorand and Ethereum is that Algorand is more user-friendly. It needs less time to process transactions and it also charges fewer transactional fees. Just compare that Ethereum fees are around $0.70, while Algorand managed to lower this amount down to $0.0004 without losing its speed and efficiency. One more advantage of the Algorand project is that its team is working on a top-notch bridge protocol. This is a tool that will enable network users to create apps with minimal coding effort. It’s also worth mentioning that Algorand is more eco-friendly even after the Ethereum footprint was decreased by 99.95%.

Should I invest in Cardano (ADA)?

Cardano is a very scalable platform that is able to successfully deal with real-world blockchain issues. Its community is constantly growing, which increases the value of the project and the return-to-investment ratio.

The Cardano coin, traded under the ADA ticker symbol, has suffered a lot from the recent bearish rally of the crypto market. Today, ADA is worth $0.39 with a market capitalization of over $13 billion. ADA’s bullish run is expected to reach its pick in 2024. It might recover to the price of $1.

Should I invest in Solana (SOL)?

Making an investment into the Solana ecosystem is a worthy idea if you believe in the rise of the NFT market. Solana is one of the most frequently used blockchains among NFT developers. Thus, its value will increase together with the continuing growth of the NFT industry.

Currently, the total market capitalization of SOL is over $11 billion. Similar to ADA, SOL lost over 80% of its value during the bearish rally of the entire market. Today, SOL is worth $31 but by the beginning of 2024, the price is expected to get doubled.

Should I invest in Algorand (ALGO)?

The price fall of ALGO wasn’t as steep as ADA or SOL. This is mainly because of the stable performance of decentralized solutions that run on Algorand. In particular, we mean the LimeWire NFT marketplace. Also in 2022, Algorand partnered with FIFA. Thanks to this, the bearish run wasn’t as dynamic.

Algorand entered 2022 at the point of $0.90 per coin. As of the date of writing, it’s valued at $0.36. Experts predict that during the following year, the ALGO price will range between $0.43-0.45.

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