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Killing Ethereum is not easy – Coinbase study

  • Multiple Ethereum Killers Emerge In 2020

  • Ethereum cannot be overcome with fast transactions

  • ETH remains the industry standard for the DeFi industry

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The hype around profitable farming and edible-named DeFi projects in the summer of 2020 has spurred activity on the Ethereum network. Other projects were jealous of the success and competing platforms immediately appeared on the market. Coinbase has carefully analyzed some of them.

In the latest Round The Block report, ETH Killers and New Networks, published on December 12, Coinbase took a close look at Ethereum’s smart contract competitors..
Several new blockchains have appeared this year with support for Decentralized Finance (DeFi).

Killing Ethereum is not easy - Coinbase study

They are faster and cheaper, and their goal is to weaken the dominant position of Ethereum..

Killing Ethereum is not easy - Coinbase study

But as you can see, this is not enough to become the new standard in this rapidly developing industry..

Kill Ethereum

The report confirms that Ethereum retains a “significant and clear first-mover advantage”, a $ 66 billion market cap that outperforms its competitors multiple times, as well as developer support and massive user adoption..

Market capitalization of ETH versus competitors

In addition, most third-party services run on the Ethereum blockchain. They offer developer tools, wallets, cloud infrastructure, help integrate stablecoins, and more. No competing network has as much support as Ethereum.

Security is another key factor. The cost of attacking the Ethereum network is much higher compared to other blockchains, making it less vulnerable. The researchers cite Ethereum Classic as an example. This year, the project suffered 51% of multiple attacks. Experts write:

“Most importantly, Ethereum has proven itself to be extremely effective in developing open source products. They allow decentralized applications to communicate with each other. “.

Coinbase believes the rival should outperform ETH on multiple levels, and not just offer fast transactions. Only then does he have a chance to press the giant.
When developing dApps and smart contracts, you have to take into account the developer’s experience, tools and programming convenience. User experience and scaling are important, and some projects already have this advantage.

Killing Ethereum is not easy - Coinbase study

However, you also need a developed infrastructure, host support, staking, and security. Among other things, Ethereum leads in metrics such as business development and balance sheets..

“If Ethereum can scale the bandwidth sufficiently and continue to work on new features and updates, it will be difficult to keep up.”.

Who’s next

Coinbase has listed the main competitors of Ethereum: Cosmos, Polkadot, Flow, NEAR, Tezos, Solana, Avalanche, Algorand and DFINITY. At the same time, Flow and NEAR are part of the Coinbase ecosystem.

Interestingly, large blockchains such as Cardano, EOS, TRON, NEO and Binance Smart Chain are not among the significant competitors..


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