‘Ethereum Killers’ Managed to ‘Kill’ Themselves in 2022 Rather Than Beat the Smart Contract Economy’s Heavyweight Champ

At the extremity of 2021, a myriad of radical thought a fistful of astute declaration level tokens, often referred to arsenic ‘Ethereum killers,’ would flip the second-largest crypto plus successful presumption of marketplace capitalization successful 2022. As 2022 comes to an end, statistic amusement that nary of the alleged ‘Ethereum killers’ person surpassed the starring astute declaration level token, and a fig of these tokens person mislaid sizeable amounts of worth during the crypto winter.

Ethereum Outperformed Its Competitors successful presumption of Market Cap, Decentralized Finance Action, and Non-Fungible Token Sales

On Dec. 23, 2021, the apical astute declaration level coins held an wide valuation of astir $823 billion and astatine that time, ethereum’s (ETH) marketplace capitalization represented 59.42% of the aggregate. Today, connected Dec. 30, 2022, the crypto economy’s apical astute declaration level coins are valued astatine $239 billion, and ETH’s marketplace headdress is astir $144 billion. Data indicates that ETH’s marketplace headdress equates to 60.25% of the aggregate worth of each the apical astute declaration level tokens listed today.

Last year, erstwhile the astute declaration level coin system was a batch much valuable, galore radical thought ETH could get ‘flipped’ by a clump of ‘Ethereum killers.’ Roughly a twelvemonth ago, the work Forkast published an editorial called “The Top Five Ethereum Killers,” and it included tokens similar BNB, solana (SOL), cardano (ADA), avalanche (AVAX), and polkadot (DOT). While immoderate of these coins were apical 10 contenders successful Dec. 2021, lone BNB and ADA remain, and Polygon (MATIC) precocious entered the apical 10 standings.

Statistics from defillama.com shows Ethereum (ETH) dominated the decentralized concern (defi) manufacture successful 2022. Cryptoslam.io metrics amusement Ethereum (ETH) outpaced each different astute declaration concatenation that produces non-fungible tokens (NFTs) successful 2022. Ethereum besides joined its contention successful presumption of a proof-of-stake statement algorithm aft the palmy completion of The Merge connected Sept. 15, 2022.

On Dec. 24, 2021, BNB was exchanging hands for $547.12 per unit, and it was the 2nd largest astute declaration level coin astatine the time. Today, it inactive is the second-largest astute declaration level token, but the integer currency’s worth has dropped 55.19% from the $547 terms constituent recorded successful Dec. 2021. Last year, solana (SOL) was the 3rd largest astute declaration level token and implicit a twelvemonth ago, it was trading for $189.43 per portion astatine the extremity of Dec. 2021. Today, SOL holds the seventh-largest astute declaration coin marketplace headdress and SOL holds the 19th-largest capitalization successful the full crypto economy.

Solana was erstwhile called an ‘Ethereum killer’ connected a regular ground successful 2021, and Solana supporters thought SOL could flip ETH successful 2022. SOL, however, has dealt with a batch of disapproval astir the project’s associations with FTX and co-founder Sam Bankman-Fried. SOL has mislaid 96.2% from the crypto asset’s all-time precocious and it was erstwhile the fifth-largest coin connected Dec. 23, 2021. On Dec. 30, 2022, SOL is struggling to support the 19th largest crypto marketplace headdress position.

Metrics amusement the astute declaration coin SOL has mislaid 94.81% of its U.S. dollar worth since Dec. 23, 2021. Cardano (ADA) was the fourth-largest astute declaration plus and connected Dec. 23, 2021, and ADA was trading for $1.48 per unit. ADA besides was the seventh-largest marketplace headdress successful the full crypto economy. Today, connected Dec. 30, 2022, cardano is trading for $0.24 per coin, and it’s moved down to the ninth largest marketplace valuation. On Dec. 23, 2021, Terra’s LUNA was the 5th largest astute declaration coin astatine the time, and LUNA (now called LUNC) was trading for $93.24 per coin. LUNA was besides the ninth-largest marketplace headdress successful the full crypto-economy during the past period of 2021.

When Terra’s stablecoin terrausd (UST) depegged from its $1 parity during the archetypal week of May 2022, the blockchain’s autochthonal token managed to suffer 100% of its value. Last year, LUNA was trading for $93.24 per coin connected Dec. 23, 2021, and contiguous the crypto asset, which is present referred to arsenic luna classical (LUNC), is trading for acold little than a U.S. penny per unit.

LUNA’s terms has been wholly obliterated, and it is present down to $0.000140 per portion connected Dec. 30, 2022. Polkadot (DOT) was the sixth largest astute declaration token; today, it’s moved up to the 5th position. However, past twelvemonth DOT was the tenth largest crypto marketplace cap, but DOT is present successful the 13th largest position. At the time, DOT was trading for $29.39 per portion connected Dec. 23, 2021, but today, DOT is down 85.30% and trading for $4.32 per coin. Avalanche (AVAX) was the seventh largest astute declaration coin but today, AVAX present resides successful the eighth position. On Dec. 23, 2021, AVAX exchanged hands for $121.88 per coin and connected Dec. 30, 2022, it’s down to $10.83 per unit.

Lastly, polygon was the seventh largest astute declaration coin past twelvemonth but today, its present successful the 4th largest apical astute declaration token position. Furthermore, polygon (MATIC) was successful the 14th largest presumption wide successful Dec. 2021 and contiguous it has managed to participate the tenth position. MATIC was trading for $2.67 per coin past twelvemonth and today, it’s down to $0.75 per unit, which is simply a nonaccomplishment of astir 71.91%. While nary of the alleged ‘Ethereum killers’ managed to sound ETH down a notch, ETH has mislaid a spot of dominance since Dec. 23, 2021. At that time, ETH dominance was astir 19.5% and today, the second-leading crypto asset’s dominance is down to 17.4%.

What bash you deliberation astir the alleged ‘Ethereum killers’ and their marketplace performances successful 2022? Let america cognize your thoughts astir this taxable successful the comments conception below.

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