When Vitalik Buterin launched Ethereum back in 2015, he couldn’t have anticipated the massive demand for the platform.īut as demand grew, Ethereum’s proof-of-work (PoW) consensus model became outdated, as it can only handle around 13 transactions per second (TPS). Scalability is one of the biggest problems plaguing the success of the Ethereum network and the decentralized finance industry altogether. Investors hypothesize that other second or third-generation blockchains, such as Cardano, Binance Smart Chain, and Solana, could take some of Ethereum’s market share by presenting better alternatives for users before Ethereum could solve its problems.īut to understand Ethereum’s most significant competitors, let’s first take a look at the network’s fundamental weaknesses, which the industry is trying to improve upon. Simply put, Ethereum killers are emerging blockchain platforms that are hoping to take away some of Ethereum’s share in the market.Įthereum killers are generally open-source blockchain protocols that capitalize on improving one or more of Ethereum’s main shortcomings, such as network speed and high gas fees. When the network was launched, its smart contracts and dApps were considered revolutionary technology, which inspired developers to form communities around Ethereum, growing the use cases of blockchain.īut as the industry evolved, so-called “Ethereum killers” - or rivals to the Ethereum blockchain- started appearing, claiming to have superior technology.
Thanks to its smart contract functionality, users can execute more complex financial transactions, including the transfer of other digital asset classes like NFTs (non-fungible tokens). Ethereum’s underlying technology is a significant contributing factor for the network’s grasp on the smart contract and dApp industry. But being early in the game isn’t the only force propelling Ethereum’s significant growth.
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