There is ether.
The images are from the same company.
According to JP Morgan, the dominance of the network is at risk as it is still a year away from receiving a key upgrade to its network that would make it more competitive.
Due to growing transaction volumes of NFTs and other digital goods that often use ether as the preferred currency, there have been issues with efficiency, number of transactions per second, and high gas fees that have been afflicting ethereum in recent months.
"So-called 'Ethereum killers' are gaining popularity due to their improvements made versus ethereum, and the markets continue to evolve," the note stated. According to the note, the bank believes that new cryptocurrencies that improve upon the deficiencies of the previous ones could chip away at the market value of the previous ones.
The Federal Reserve's recent pivot has caused the market value of ether to fall. The market value of thecryptocurrencies has fallen from its recent high.
According to JP Morgan, these four potential "Ethereum killers" could put a further dent into ether's dominance.
1. "Solana is very fast."
One of the fastest-growing cryptocurrencies is Solana. Its developers claim that it can process 50,000 transactions per second, which is more than the 15-45 transactions per second currently being processed by Ethereum. SOL has over 400 projects that are running on its platform. It also runs other DeFI projects.
2. "Cardano is more flexible."
Charles Hoskinson was one of the co-founders of the company. Each stage of the development has been thoroughly tested before implementation. Cardano is now offering smart contract capabilities. "This third- generation speach is considered more robust than ether."
3. "Polkadot is more compatible."
Polkadot wants to solve some of the issues with the project. Polkadot's interoperability capabilities allow it to communicate effectively. This approach makes it easier for developers to switch to Polkadot's system.
4. Tezos.
Tezos is an open-source project that allows users to have a say in the direction of the project. In addition, Tezos provides security and is seen as moreScalable.
The four cripts have a long way to go before they can seriously challenge the dominance of ethereum. The combined market value of the four "Ethereum killers" is still less than ether's market value.
Business Insider has an original article.
