Investors have heavily grilled the Ethereum network over the past couple of years. That is due to congestion, slow speeds, and high gas fees. As this competitive field sees constant innovation, users and developers look for blockchains that meet demand without hassle. This article highlights some leading blockchains that enthusiasts believe will overcome Ethereum’s TVL with time.
Solana (SOL)
Solana tops our list. Backed by billionaire Sam Bankman-Fried, it is a decentralized network created to ensure user-friendly, scalable apps for the market, and Solana gained increased popularity. Solana attracted many developers looking for Ethereum alternatives due to high fees and congestion, as Bloomberg termed it a potential long-term Ethereum rival.
The projects’ migration propelled SOL adoption higher. Moreover, the blockchain can handle more than 50,000 transfers every second, each transaction costing less than $0.01. Remember, Ethereum process 15 to 45 transactions per second. Solana’s total value locked stands at $6.88 billion.
Cardano (ADA)
Developed via evidence-based approaches, Cardano attracts many because of its speed. Besides handling 2 million TPS, World Economic Forum considers Cardano the most scalable network. Increased popularity as the fastest growing PoS network, ADA witnessed explosive popularity since its 2015 inception. DeFiLlama data shows Cardano’s TVL surged from February’s $114 million to $257 million.
Terra (LUNA)
Though new in the cryptocurrency market, Terra recorded eye-catching astronomical growth. It is a blockchain platform deploying various algorithmic decentralized stablecoins, underpinning the flourishing marketplace that ensured increased DeFi adoption.
Terra sees skyrocketing excitement, and experts attribute the network’s rapid growth to FOMO. The blockchain attracted traders and investors alike as Terra’s TVL surged past $20 billion in 2022, surpassing Solana and Binance Smart Chain as the 2nd-largest DeFi ecosystem.
Avalanche (AVAX)
A few months of intensified adoption had Avalanche drawing the cryptocurrency community with the interoperability of the ecosystem approach, introducing the Avalanche Bridge, which ensures easy transfer of AVAX and ETH products between blockchains. ‘
Avalanche boasts impressive scalability, processing 4,500 TPS, with a complete production-ready Avalanche version achieving more than 20,000 TP, with $0.095 as the fee. The network seems to live up to the ‘ETH-Killer’ narrative with new partnerships encouraging more individuals to invest in the token. Avalanche’s TVL sits at $11.08 billion.