A popular crypto analyst has identified eight different main competitors, noting that the leading smart contract platform Ethereum has several different competitors. Here are Ethereum rival altcoins that the analyst believes will strengthen.
Launching a new Q&A session, financial education YouTube channel InvestAnswers explained to its 401,000 subscribers that it has no doubt that Ethereum continues to be the dominant force compared to all its competitors.
“As I always say, Ethereum is the dominant 800-pound gorilla. But he has no food. Everything is running from Ethereum, but other players are falling apart.”
Analyst, decentralized finance (DeFi) protocol Terra (Luna) and cited several reasons why smart contract platform Solana (SOL) tops the list of important Ethereum alternatives.
“When you look at both the USP (unique selling proposition) and the development team, technology and community, Left (LEFT) and Terra (LUNA) becomes the ‘winner of the day’. These four characteristics are key to the valuation of a project.”
Another area of interest for the InvestAnswers server is the incentives and momentum surrounding a crypto project. Stating that the Tier 1 smart contract platform Avalanche (AVAX) and the enterprise-class DeFi platform Fantom (FTM) both meet these criteria, the server noted the following.
“The other two blockchains are in the rest of the list. Avalanche (AVAX) and Phantom (FTM). They stand out because of incentives and momentum.
Crypto is all about momentum. You have to monitor the temperature. Where all the flies go, it will be you…
Phantom has incentives that add momentum. For example, lending to value (LTV), which is why LTV is booming. You have to look behind the curtain to understand exactly what’s going on.”
The analyst then looks at the multi-chain scaling solution Polygon (MATIC) and the decentralized digital asset exchange Binance Smart Chain powered by Binance Coin (BNB). He thinks these Ethereum competitors may be at risk of falling by the wayside, and each of them may experience it for very different reasons.
“You could argue that the Polygon may be under threat, it’s simply surprising how the concentration of whales feeds and supports this narrative to some extent.
And because Binance Smart Chain is so centralized, it is under threat.”
The two blockchains at the bottom of the list are wildcards: the cross-chain interoperability protocol Polkadot (DOT) and the scalable decentralized blockchain platform Cardano (ADA).
“Then there are the wildcards, Polkadot and Cardano. Both had terrible times at times. Cardano has moved a bit today, which is great but I hope it gets three dollars quickly.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.