The Top Ethereum Competitors

Ethereum is the top dog of the smart contract space but increasingly we're starting to see a situation where other blockchains are coming in and nibbling away at the market share of ethereum.

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Ethereum, it is just the leader when it comes to dominance in terms of the users, the total value locked on chain which is currently 112 billion dollars. The majority of stable coins also live on ethereum and of course ethereum right now struggling with a high fee life. Now, that means that there's a great opportunity at the moment for other blockchains to step up to the plate and take their shot at capturing some of ethereum's market share. Now currently ethereum has around 75 percent market share in terms of total value locked in d5. It's not a perfect metric. We can look at other stats like value transferred on chain

We can look at total daily transactions. Well in that situation, ethereum is not the leader. It's only around 1.2 million transactions per day. BInance smart chain, polygon, they're doing a lot more transactions per day right now. So, there's a lot of different metrics in this.

We talking about coins that are not necessarily part of that ecosystem not to say they're out to kill ethereum. Most of them are actually out to get cross-chain liquidity going on. I believe the future is a multi-chain future where we see lots of blockchains having lots of market share and just because ethereum has been the top dog for a long time and basically had complete market share dominance in terms of users and total value locked and transactions and all that stuff, we are seeing other chains up and coming.
There's some very interesting stuff going on now.

Binance Smart Chain
The big boy is Binance smart chain now. Binance smart chain has done really well in terms of capturing users simply because binance is the world's biggest cryptocurrency exchange. They were able to translate the success of the centralized exchange into a very successful decentralized network. So, the fees are super low on buying and smart chain there's lots of great applications to use like pancake swap. They've got a big NFT marketplace that's going on as well. So, there's lots of things happening on the BInance smart chain 17.4 billion dollars of total value locked over on the Binance smart chain right now.

The biggest one of course, pancake swap with 5.83 billion dollars total value locked. There is a lot of stuff built on the binance smart chain is actually pretty amazing to see how big this ecosystem has become and of course that's the non-exhaustive list.

BSC
BSC love it or hate it has definitely made it to right now become really the second biggest smart contract platform. It's got the users. It's got the total value locked. It's daily number of transactions going crazy. It's pretty easy to use. It's no surprise you've seen so many people going over to BSC. With it cheap fee and fast transaction.

Tara
If we look a bit farther afield from you know number one and number two smart contract platforms. Some of the more promising competitors which could offer more interesting financial opportunities as an investor one of those of course Tara.

They've obviously been very popular. They've been growing in popularity still just a very small amount of applications actually out and about ontario which i think is actually very good because Tara was able to become a top 20 coin right now. It's able been able to become a top 20 cryptocurrency on the back of half a dozen applications. It's really mostly about anchor and mirror protocol and the chai app. So it's good to see so much interest come into Tara and so much total value locked and so much appreciation in market cap with only a few applications.

Solana
Solana, this is heavily backed by Sam Bankman freed. He's the owner of the FTX exchange. They've been really integral in pushing Solana forward and making Solana into a thing and launching major applications on the Solana blockhain. Solana is actually less than obviously BSC and about a third of the total value locked compared to Tara. Although, Solana has about twice the market cap of Tara right now but we have seen a pretty big explosion recently of total value locked on the Solana blockchain. This month we've seen a big takeoff course crossing over previous all-time highs.