{"id":19774,"date":"2025-05-02T20:39:57","date_gmt":"2025-05-02T20:39:57","guid":{"rendered":"https:\/\/gold.creditcard\/ethereums-era-of-crypto-dominance-is-over-longitude-panel\/"},"modified":"2025-05-02T20:39:57","modified_gmt":"2025-05-02T20:39:57","slug":"ethereums-era-of-crypto-dominance-is-over-longitude-panel","status":"publish","type":"post","link":"https:\/\/gold.creditcard\/es\/ethereums-era-of-crypto-dominance-is-over-longitude-panel\/","title":{"rendered":"Ethereum\u2019s era of crypto dominance is over \u2014 LONGITUDE panel"},"content":{"rendered":"

Ethereum\u2019s relative dominance among layer-1 (L1) blockchain networks has declined, resulting in an \u201copen race\u201d to become the leading Web3 platform, according to Alex Svanevik, CEO of data service Nansen.<\/p>\n

\u201cIf you\u2019d asked me 3\u20134 years ago whether Ethereum would dominate crypto, I\u2019d have said yes,\u201d Svanevik said during a panel discussion at the LONGITUDE by Cointelegraph event. \u201cBut now, it\u2019s clear that\u2019s not what\u2019s happening.\u201d<\/p>\n

Ethereum is still the most popular L1 network. According to data from DefiLlama, its roughly $52 billion in total value locked (TVL) represents 51% of cryptocurrency residing on blockchain networks.<\/p>\n

However, Ethereum\u2019s dominance has diminished sharply since 2021, when the L1 controlled as much as 96% of aggregate TVL, the data shows.\u00a0<\/p>\n

Panelists at the LONGITUDE by Cointelegraph event in Dubai. Source: Cointelegraph<\/em><\/p>\n

\u201cIt\u2019s an open race between multiple L1s for becoming the go-to platform for trading and broader blockchain use,\u201d Svanevik said.<\/p>\n

\u201cWe\u2019re seeing smaller chains grow extremely fast, and a group of five or six chains emerging as leaders. It\u2019s an exciting time,\u201d he said.<\/p>\n

Cointelegraph\u2019s LONGITUDE is an event series that brings together leaders and innovators from the blockchain and Web3 space for exclusive discussions.<\/p>\n

TVL distribution among blockchain networks. Source: <\/em>DeFiLlama<\/em><\/a><\/p>\n

Rise of Solana<\/h2>\n

Solana (SOL<\/a>), an alternative layer-1 known for faster transactions and lower fees than Ethereum, is in pole position to become Web3\u2019s next leading chain, according to the Nansen CEO. <\/p>\n

\u201cSolana has overtaken Ethereum on most onchain metrics \u2014 active addresses, transaction volume, even gas fees,\u201d Svanevik said. \u201cEthereum still leads in TVL, and stablecoin issuance is still strong, but Solana\u2019s growth is undeniable.\u201d<\/p>\n

Meanwhile, dozens of smaller L1s are also vying for market share \u2014 and not all of them are gaining sustainable traction, Vardan Khachatryan, chief legal officer of trading platform Fastex, told Cointelegraph during the panel.\u00a0<\/p>\n

“Unfortunately, what we see in reality is that chains become popular when they are the hype of that particular bull run, new coins, airdrops, etc., rather than sustained adoption,\u201d Khachatryan said.<\/p>\n

Magazine:\u00a0<\/strong><\/em>ZK-proofs are bringing smart contracts to Bitcoin \u2014 BitcoinOS and Starknet<\/strong><\/em><\/a><\/p>","protected":false},"excerpt":{"rendered":"

Ethereum\u2019s relative dominance among layer-1 (L1) blockchain networks has declined, resulting in an \u201copen race\u201d to become the leading Web3 platform, according to Alex Svanevik, CEO of data service Nansen. \u201cIf you\u2019d asked me 3\u20134 years ago whether Ethereum would dominate crypto, I\u2019d have said yes,\u201d Svanevik said during a panel discussion at the LONGITUDE […]<\/p>","protected":false},"author":0,"featured_media":19775,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[9],"tags":[],"class_list":["post-19774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-finance"],"_links":{"self":[{"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/posts\/19774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/comments?post=19774"}],"version-history":[{"count":0,"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/posts\/19774\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/media\/19775"}],"wp:attachment":[{"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/media?parent=19774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/categories?post=19774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/tags?post=19774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}