Ether outlook: These 4 cryptocurrencies are thought-about “Ethereum killers” – Markets Insider

ether

Ethereum’s dominance is at risk as the crypto network is still a year away from receiving a key upgrade to its blockchain that would make it more competitive against newer protocols, according to JPMorgan.

Efficiency concerns, the number of transactions per second, and high gas fees are issues that have plagued Ethereum for the past few months, due in part to the growing volume of transactions in NFTs and other digital goods, which often use Ether as the preferred currency.

“However, the crypto markets are evolving and so-called ‘Ethereum killers’ are gaining popularity because of their improvements over Ethereum,” JPMorgan said in a statement on Friday. The bank believes that new cryptocurrencies that improve Ethereum’s flaws “could erode Ethereum’s dominance and market value,” the press release said.

Ether’s market value has already started to deteriorate amid a cryptocurrency collapse exacerbated by the Federal Reserve’s recent Hawkish swivel. The cryptocurrency is down about 35% from its recent high and has lost nearly $ 200 billion in market value.

For this reason, these four potential “Ethereum killers” could, according to JPMorgan, further strain the dominance of the ether.

1. “Solana is much faster.”

“Solana is one of the fastest growing cryptocurrencies. Its developers have claimed it can process around 50,000 transactions per second while Ethereum currently processes 15-45 TPS. SOL has over 400 projects in its ecosystem, including stablecoins like Circles USD Es also wallets, decentralized exchanges and other DeFI projects, “said JPMorgan.

2. “Cardano is more scalable.”

“Cardano was started by one of Ethereum’s co-founders, Charles Hoskinson. It took a research-intensive approach to development, with each phase being peer-reviewed and thoroughly tested prior to implementation. Cardano now also leads its smart contract functions a. This third generation cryptocurrency is believed to be more scalable than Ethereum, “JPMorgan said.

3. “Polkadot is more interoperable.”

“Polkadot aims to solve some of Ethereum’s scalability and cost problems. However, Polkadot shines with its interoperability capabilities as it enables blockchains to communicate effectively. This approach also makes it easier for developers to migrate to the Polkadot system, ”said JPMorgan.

4th theses

“Tezos is a user-centric open source project that allows users to weigh up project governance and the direction of the blockchain. In addition, Tezos offers recognized security and modularity and is seen as more scalable, ”said JPMorgan.

But these four cryptos still have a long way to go before they can seriously question the dominance of Ethereum. The combined market value of all four “Ethereum killers” is still less than a third of the market value of Ether.


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