The term “Ethereum killers” started when Ethereum became more expensive and inefficient, leading to the development of alternatives, just like in the case of Bitcoin. EOS and NEO used to be Ethereum’s biggest competitors in the beginning. Still, now Solana and Cardano are rapidly emerging as some of the most innovative blockchain technologies, potentially leaving Ethereum behind.
However, some argue that these “killers” are not a threat anymore since Ethereum has overcome its challenges and insufficiencies through the latest updates. The Merge made the switch from PoW to PoS and transformed it into one of the most sustainable cryptocurrencies on the market.
The price of Ethereum boomed and flourished so much that some investors wondered if it could overthrow Bitcoin.
Still, Ethereum’s challenges and struggles might make it weak compared to other blockchain solutions, so let’s see if the term is definitive anymore.
Although Ethereum was created to be a better version of Bitcoin and focus on decentralized apps instead of transactions, it faced numerous challenges in achieving the perfect score. Scalability was a prominent issue, as the network grew too suddenly for the blockchain to support it, so congestion was quite frequent. Hence, transactions were processed much slower than usual, and the gas fees were massive.
Therefore, Ethereum “killers” became a thing when innovative blockchains could offer exactly what Ethereum did, but much cheaper and faster. It wasn’t a matter of price but of functionality, so Ethereum started losing ground over newer blockchain technologies, such as Solana, which was released in 2020.
Ethereum killers, or competitors, have similar features as the original network. Solana also leverages smart contracts that support numerous programming languages and prioritize speed and efficiency. Cardano uses the same PoS consensus mechanism and technology to validate transactions, ensuring all the tools and spaces for decentralized programs and autonomous organizations are created.
People chose them instead of Ethereum, which had more credibility on the market, because they were more affordable for daily transactions. Leveraging Solana and Cardano did not expose users to the same massive costs for regular payments, and due to their newness, these blockchains became more famous and known as the antithesis of Ethereum.
While in the past, Ethereum killers were far more reliable and easier to use, now things have changed, at least since Ethereum’s roadmap started to offer results after its updates. The Merge was the first fixture made to the blockchain and it included the switch from PoW to PoS, which automatically made Ethereum faster since PoW is slowly starting to be inefficient for most blockchains.
But that’s not all. The following update that’s slowly sinking is in the Surge, whose Dencun update has already made some waves on the Ethereum network. The enhanced features it brings to the table include better scaling abilities and proto-danksharding.
There are other updates following, such as:
The Scourge will strengthen decentralization;
The Verge will improve block verification;
The Purge will reduce computational costs for nodes;
The Splurge will include any other unfinished updates;
Although some of Ethereum’s alternatives provided better services and products, Ethereum was still largely used by the crypto community since it was safer and more reliable over the long term. Some say the only reason Ethereum was above other altcoins is the bad timing since Ethereum had already been on the market for some time and had undergone various updates and changes to provide better ecosystems for users.
At the same time, Ethereum was the first blockchain developer used to create innovative digital assets, such as NFTs and ETFs, since the vast environment offered considerable support from the community and also great sourcing for tools. On the other hand, Solana started having problems with scalability as well as it received more media attention, and it was overflowed by users in a short time.
Besides comparing their features, all these blockchains were created for different purposes. Bitcoin was supposed to be a store of value, while Ethereum must’ve been an innovative blockchain that also ensures ease of transaction. On the other hand, Solana was developed especially for supporting smart contracts and decentralized apps, and Cardano was intended to be an efficient alternative to PoW networks.
So, as you can see, each network expanded from a previous blockchain creation and provided something unique. Hence, calling them competitors might not be correct anymore, considering their purposes and target audiences are different.
Having access to so many different networks and ecosystems might seem like a disadvantage, but it can actually be leveraged toward diversification. Users should spread their investments across numerous industries and asset types to lower risks and increase profits.
It’s usually best to have Bitcoin and Ethereum in your portfolio since they’re considered more stable for the long term than other altcoins. However, maximizing outcomes is better done through asset diversification, so looking to invest in Solana or Cardano as well is vital to gaining access to innovative markets.
At the same time, tapping into these blockchains allows you to explore more crypto sectors, such as stablecoins, smart contract platforms, and DeFi. You can also reallocate your investments from time to time to ensure you’re not missing any opportunities. Considering how volatile the crypto market is, you might find it better to change your portfolio diversification during a bull run compared to a bearish period because the high price and investors’ positive sentiment index make it easier to yield great results.
“Ethereum killers” started to become a thing when Ethereum faced several challenges of scalability and gas fees, leaving investors no other choice than to flee to other blockchains. Therefore, EOS, Solana, and Cardano became more popular in the congested market, and they received the name “killers” since many of their users came from Ethereum. Still, the blockchain got the chance to improve and evolve, and the term might not be that reliable anymore.
