Market

Here are 8 serious Ethereum competitors, according to InvestAnswers

The popular analyst looks at how multiple Ethereum (ETH) challengers are stacking up against the leading smart contract platform.

In a new Q&A session, the moderator of the financial education YouTube channel InvestAnswers to speak that he has no doubt that Ethereum remains the dominant force against which all competitors must compete.

The analyst cites a number of reasons why he believes decentralized finance protocol Terra (LUNA) and smart contract platform Solana (SOL) top the list of Ethereum alternatives.

“When you look at the unique attributes, as well as the team, the technology, and the community, Luna and Solana win…These four attributes are key to evaluating the project.”

LUNA/USDT | Source: Trade View

Another concern of the InvestAnswers host concerns the incentives and motivations surrounding the crypto project. He said that the Avalanche (AVAX) layer-1 smart contract platform and the enterprise-class DeFi platform Fantom (FTM) both meet these criteria.

“The next two platforms are Avalanche and Fantom. They are characterized by incentives and motivation. Motivation is all about cryptocurrencies. You have to keep an eye on the heat in the market.

Fantom has incentives to encourage development. For example Lending to Value (LTV), that’s why LTV is booming. You have to go behind the scenes to see exactly what’s going on.”

The source: InvestAnswers

Next, he looks at the multi-chain scaling solution Polygon (MATIC) and the Binance Smart Chain exchange powered by Binance Coin (BNB). According to him, these Ethereum competitors are at risk of collapse for very different reasons.

“One could argue that Polygon is under threat. It’s amazing how the majority of whales dominate the web and proves this story to some degree. And Binance Smart Chain is too centralized.”

USDT | Source: Trade View

Last on the list are the Polkadot Cross-Chain Interoperability Protocol (DOT) and Cardano’s scalable decentralized blockchain platform (ADA).

“And then you have polkadot and cardano. Both have had bad years in the last 12 months. ADA moved a bit today, which is great, but I expect it to hit $3 quickly.

ADA/USDT | Source: Trade View

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.