Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,175 trillion. Bitcoin has increased by over 6% this week. Ethereum gained almost 17% over the past seven days. XRP is up by nearly 3% this past week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector increased the total value protocols (TVL) to around $44 billion. Crypto…
In a recent community meeting, Blockdaemon’s Ethereum leader expressed confidence in Ethereum’s potential to maintain its top spot among Layer-1 protocols. Freddy Zwanzger, the Blockdaemon officer, asserted that all ‘Ethereum Killers’ would fail. Ethereum Killers is a colloquial term for green chip protocols like Solana, Cardano, and Polkadot.
They didn’t succeed in the past, and I don’t expect them to,” he added.
The Ethereum ecosystem leader of Blockdaemon stated that he does not foresee Ethereum dropping from its top position anytime soon.
Blockdaemon is a platform for institutional blockchain frameworks, providing node functionality and infrastructural tools for blockchains.
“Why Ethereum Will Remain At The Top”
Freddy Zwanzger’s confidence in the Ethereum blockchain rests on its smart contract platform and upcoming system upgrade, the Merge. According to Zwanger, the Merge will shift the Ethereum blockchain from the energy-consuming PoW mechanism to the environmental-friendly PoS. This change should take place in September. And Zwanzger believes staking will take become more enticing by then.
Although a few platforms have risen to compete with Ethereum over the years, it remains undisputedly in the number-2 position. Usually, blockchain protocols touted as “Ethereum killers” advertise cheaper fees for faster transactions, hoping to displace the mammoth blockchain. However, according to Zwangzer, they have fewer functional developers, and some ignore decentralization. As such, they remain behind Ethereum, which has the second-largest market cap in the crypto ecosystem.
Scalability Remains the Problem
Despite his strong optimism, Zwanzger acknowledged that scalability remains Ethereum’s biggest flaw. However, the blockchain plans to solve this through sharding next year.
Sharding is an upgrade that will divide Ethereum’s network into different parts, improving its capacity and scalability. In other words, where the platform could only process 20 transactions each second (TPS), sharding will enable it to handle thousands.
Late last month, Ethereum’s Sepolia testnet went live, in preparation for the Merge. Ethereum co-founder, Vitalik Buterin likewise assured recently that the Merge was near completion, describing it as “90% complete”.