According to Alex Svanevik, CEO of Data Service Nansen, Ether Leeum’s relative control between the hierarchy -1 (L1) blockchain network decreases, making the “open race” a major web 3 platform.
Svanevik said in a panel discussion in the hardness of the Cointelegraph event, “If you ask if Ether Lee will dominate the encryption three to four years ago.” But now it doesn’t happen now.
Ether Leeum is still the most popular L1 network. According to DEFILLAMA’s data, the total value lock (TVL) is about $ 52 billion, which represents 51%of the cryptocurrency that resides on the blockchain network.
However, since 2021, when L1 controlled 96%of the total TVL, Ether Lee’s dominance decreased rapidly.
Svanevik said, “This is an open race between several L1s, which have become a platform for transaction and wider blockchain use.
“We are seeing a small chain growing very fast, and we are seeing five or six chain groups emerging as a leader. It is exciting time.”
COINTELELEGRAPH’s hardness is an event series that collects leaders and innovators in blockchains and Web3 spaces for monopoly discussion.
Solar My rise
According to Nansen CEO, Solana (SOL), an alternative layer -1, known as faster transactions and lower fees than Ethereum, is in the pole position to become the next major chain of Web3.
Svanevik said, “Solana overtakes Ethereum in most onchain indicators, such as active addresses, trading volume, and gas fees.” Ethereum is still leading tvL and Stablecoin is still strong, but Solana’s growth is not denied. “
Meanwhile, dozens of small L1s are competing for market share, not all of them get sustainable tractions, and Vardan Khachatryan, the chief lawyer of Trading Platform Fastex, told Cointelegraph during the panel.
Khachatryan said, “Unfortunately, what we actually see is popular when the chain is an over -advertising such as a certain bull run, a new coin, and air drop rather than a constant adoption.”
magazine: ZK-Proofs