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Big Gains Across the Board for Ethereum Alternatives

We will remember 2021 for a lot of things. However, the rise of “Ethereum killers” might be the most prominent. Essentially, these are blockchains looking to match Ethereum in terms of performance. This way, these Ethereum alternatives can take from its market share.

September was a big month for these Ethereum killers. The blockchains themselves got significant adoption as they continued their mission to usurp Ethereum, and their native tokens ultimately delivered impressive price gains as well.

SOL Takes the Crown

Solana was the biggest Ethereum killer to make gains. The blockchain saw a lot of news coming in this month, with adoption going through the roof. As a result, SOL was able to notch significant gains in September. The coin has been up by 35.7% since the start of the month. Also, it saw its price jump as high as $216 in September.

SOL also saw massive attention from investors as they continued to find safe-haven assets amid the broader market downturn. The Delta Exchange launched options trading for the coin, and data from CoinSahres showed that institutional investors have been buying more of SOL all month.

Incentive Programs Power FTM and CELO

Another Ethereum killer that got significant gains in September was Fantom (FTM). In late August, the Fantom Foundation announced an incentive program designed to spur the adoption of its blockchain. The program will give up to 5 million FTM tokens to developers who build on the Fantom blockchain. The Fantom Foundation gave 370 million FTM tokens – worth $320 million at the time – towards the effort.

All through September, FTM’s price has jumped by 74.2 percent. Even with the market correction seen in the past two weeks, the coin remains a strong option for many investors.

It will be interesting to see whether investors continue to buy into FTM and how much the Fantom Foundation can boost the adoption of the Fantom blockchain.

The Bottom Line – Ethereum Alternatives

Lastly, Celo Network – a blockchain platform that looks to integrate blockchain and mobile technology for seamless mobile payments. The platform has been getting increasing attention as its developers also launched incentive programs.

Late last month, the Celo Network launched a “DeFi for the People” campaign in collaboration with several top DeFi protocols – including Aave, SushiSwap, and 0x. The campaign will contribute $100 million to help improve education about DeFi across the world.

This – and much more – sent CELO on a surge. The coin is up by 14 percent this month, much to the happiness of its investors.

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September was definitely a month for the Ethereum killers. Now, to see what October will bring.

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