In the recent video, crypto KOL Lark Davis reveals the top 5 blockchains that are recently stealing the market share of Ethereum, including Binance Smart Chain, Terra Luna, Solana, Polkadot, and Cardano.
“The competition has never been more serious for Ethereum in terms of defending its market share. The last few months have seen just an explosion of innovation across the entire cryptocurrency industry”.
The trader says that although he is a massive Ethereum bull, Davis believes that Ethereum can and will deliver on its promises to scale but until that happens he thinks there is an incredible investment opportunity with other smart contract platforms.
Binance Smart Chain
The first and the most obvious blockchain which has already managed to capture market share from Ethereum is the Binance Smart Chain (BSC).
According to the analyst, BSC has managed to captured 15% of the DeFi Total Value Locked in just the last few months.
“No other blockchain at any point has managed to capture such a large market share from Ethereum”.
Terra Luna
The next blockchain is Terra Luna, which is described as a storm onto the market and capture the market share.
The Terra blockchain is the backbone of the various applications built by Terraform Labs. Terra has formed many partnerships with industry leaders sector-wide. Furthermore, Terra has come up with an innovative solution for creating multi-collateralized stablecoins in a decentralized way.
“Terra is a chain that we’re going to hear a lot more about which will continue to siphon away market share as long as they continue providing products that people want to use at affordable prices”.
Solana
Solana is the next blockchain on Davis’s radar. Solana is a fast, secure, and censorship-resistant blockchain providing the open infrastructure required for global adoption.
“This is a blockchain with 50,000 transactions per second and some of the biggest names in crypto putting their money behind it”.
The trader also notes that the upcoming Solana Launchpad should help kickstart an incredible wave of FOMO of new launches coming to the Solana blockchain.
“So all the stuff is on Tthereum, all the stuff that’s on BSC are going to come with Solana pretty soon!”.
Polkadot
The fourth blockchain on the list Polkadot. There are currently approximately 200 different projects building on this blockchain.
“What’s being built is incredible! I’ve never seen such a level of excitement from developers and from investors to build on a blockchain that has not even fully yet launched its network capabilities”.
Davis highlights that with such a big ecosystem ready to go, he thinks that Polkadot will be uniquely situated to actually come in and capture some serious market share in a very short amount of time.
Cardano
Last on the list is Cardano. Although currently there are almost no user-focused applications built on Cardano due to the lack of smart contract functionality although, Davis says that we do have an NFT ecosystem that is starting to come to life for Cardano.
“There’s one simple reason you should not be counting out Cardano: it’s the level of hype in the dedicated community for Cardano absolutely massive”, Davis says.
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