Recently, popular crypto analysis and market commentary show “InvestAnswers” looked at the top eight competitors to Ethereum in the race for smart contract dominance.
In a YouTube video published on January 16, the host of InvestAnswers told viewers that although Ethereum remains the “dominant 800-pound gorilla”, other players are “chipping away” at its market hold.
The crypto analyst noted that decentralized finance (DeFi) protocols Terra ($LUNA) and Solana ($SOL) offer significant alternatives to Ethereum.
As reported by The Daily Hodl, the host said:
“When you look at the USP, which is unique selling proposition, plus team, plus technology, plus community, Luna and Solana win the day… Those four characteristics are key to evaluating [projects].“
InvestAnswers went on to list Avalanche ($AVAX) and Fantom ($FTM) as two more alternatives:
“The next two are Avalanche and Fantom. They stand out because of incentives and momentum... Crypto is all about momentum. You’ve got to follow the heat. Where all the flies go, you’ve go to be… Fantom has incentives that drive momentum. For example, loan to value (LTV), that’s why the LTV is exploding. You’ve got to look behind the curtain to find out exactly what’s going on.“
While Polygon ($MATIC) and Binance Smart Chain ($BNB) made the top eight, InvestAnswers warned that both projects had drawbacks that could prevent them from being true Ethereum competitors. He claimed that Polygon was under threat from whale concentration while BSC was too “centralized.”
InvestAnswers rounded out the list of Ethereum competitors with Polkadot ($DOT) and Cardano ($ADA), saying both networks constituted “wildcards”:
“And then you have the wildcards, Polkadot and Cardano. Both had sucky years over the last 12 months... Cardano did move a little bit today, which is great, but I hope it gets to three bucks quick.“
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