There has been a looming concern about Ethereum’s future, if whether the platform is gradually becoming obsolete. Despite being a leader in the blockchain space, Ethereum faces challenges, including a growing outflow of Ether (ETH) into other projects.
The recent launch of ETH spot ETFs, which initially generated excitement, is now under scrutiny, with some questioning if they failed to meet expectations. This has led to discussions about whether Ethereum holders should shift to emerging platforms like Solana. While the idea of an “Ethereum killer” has been popular for years, analyst Altcoin Buzz suggests it’s not about one single project dethroning Ethereum. Here’s a list:
Ethereum Killer One: Solana
Solana is perhaps the most talked-about competitor in this space. Solana’s rise has been meteoric, with the platform bouncing back from its low of $8 in December 2022 to over $134 at the time of writing. Despite early issues with network outages, the Solana team has significantly improved the chain’s stability
Additionally, the upcoming Fire Dancer upgrade is expected to make Solana even more decentralized, with its Nakamoto Coefficient—a measure of decentralization—already at 19, compared to Ethereum’s score of 2. Solana also continues to be a popular choice for NFT projects, further solidifying its place in the crypto space.
Ethereum Killer Two: Sui
Sui is another serious contender in the race to challenge Ethereum’s dominance. The SUI token has been performing well, especially during the month of September, with a 16% rise in a single day. During the Korean Blockchain Week, the Sui Play handheld device made waves, with over 1,500 units pre-sold in just 36 hours—a record for Web3 hardware.
On top of that, the rumored launch of a native version of USDC on Sui would eliminate the need for bridging the stablecoin, making the network even more attractive.
Ethereum Killer Three: Oraichain
Oraichain is an AI-powered Oracle network that operates within the Cosmos ecosystem. Although smaller in market cap compared to Solana and Sui—Oraichain’s market cap is just $87 million—it’s an intriguing project with significant upside potential.
While Oraichain is relatively small compared to its competitors, it has a high token circulation ratio, with 16.3 million out of a max supply of 19.8 million ORAI tokens already in circulation. This, coupled with its innovations in AI and blockchain technology, positions Oraichain as a dark horse in the race to challenge Ethereum’s dominance.
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