With the crypto markets getting off to a rough start to the new year, several competitors of leading smart contract platform Ethereum (ETH) are in full swing. Early-stage venture firm Electric Capital says in a new annual developer report that 3 promising altcoin projects are rising at an unprecedented rate, despite the continued rapid growth of Ethereum. cryptocoin.com We present the evaluations of the report.
These altcoin projects are growing faster than ETH
In the Electric Capital report, the growth rates of altcoin projects were evaluated. According to the data, despite Ethereum’s strong momentum, layer one blockchains are fast catching up:
Polkadot, Solana, NEAR, BSC (Binance Smart Chain), Avalanche and Terra are growing faster than Ethereum has done at similar points in its history.
- Layer one Blockchain protocol Solana (SOL) comes from a breakout year in November when it jumped from under $2 to $260, the ATH level. SOL is currently trading at $139.
- Polkadot (DOT), a cross-blockchain interoperability protocol, also made a big debut in 2021. The DOT went from under $10 to $54.98 in early November and is currently trading at $25.55.
- Terra (LUNA), at #9 by market cap, climbed from under a dollar to over $20 in the first half of 2021, followed by a steady streak of upward moves after a market-wide correction, and has been around 10x since July. Its current price is $70.38.
Avichal Garg highlights network activities of leading altcoin project
Electric Capital co-founder Avichal Garg took to Twitter to share key data on growth in full-time monthly developers, noting that Terra was up 313%, with Solana in a close second place at 307%. Garg also points to Ethereum’s growth:
Ethereum grew +42% in total developers and +24% in full-time developers. ~700 new developers contribute to the Ethereum ecosystem every month.
The co-founder also shares the chart above, which shows Polkadot’s growth of 66.6% from 2020 to 2021 compared to Ethereum.
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