Ethereum (ETH) Has Eight Main Competitors, According to InvestAnswers – Here Are His Picks
01.18.2022
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A popular crypto analyst is looking at how several Ethereum (ETH) challengers stack up against the leading smart contract platform.
In a new Q&A session, the host of financial education YouTube channel InvestAnswers tells his 401,000 subscribers that he does not doubt Ethereum remains the dominant force with which all competitors must contend.
“As I always say, Ethereum is the dominant 800-pound gorilla. No ifs, ands, or buts.
Everything runs off Ethereum – but other players are chipping away.”
The analyst cites several reasons why he thinks decentralized finance (DeFi) protocol Terra (LUNA) and smart contract platform Solana (SOL) top the list of significant Ethereum alternatives.
“When you look at the USP, which is unique selling proposition, plus team, plus technology, plus community, Luna and Solana win the day… Those four characteristics are key to evaluating [projects].”
Another area of interest for the InvestAnswers host involves the incentives and momentum surrounding a crypto project. He says layer-1 smart contract platform Avalanche (AVAX) and enterprise-grade DeFi platform Fantom (FTM) both meet these criteria.
“The next two are Avalanche and Fantom. They stand out because of incentives and momentum.
Crypto is all about momentum. You’ve got to follow the heat. Where all the flies go, you’ve go to be…
Fantom has incentives that drive momentum. For example, loan to value (LTV), that’s why the LTV is exploding. You’ve got to look behind the curtain to find out exactly what’s going on.”
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The YouTube personality next looks at multi-chained scaling solution Polygon (MATIC) and decentralized digital asset exchange Binance Smart Chain, powered by Binance Coin (BNB). He thinks these Ethereum competitors might be at risk of falling by the wayside – and each for very different reasons.
“Under threat, you could argue that Polygon could be under threat, not only from… it’s amazing how the whale concentration all feeds in and supports this narrative to some extent.
And Binance Smart Chain because it’s so centralized.”
Last on the list are the wildcards: cross-chain interoperability protocol Polkadot (DOT) and scalable decentralized blockchain platform Cardano (ADA).
“And then you have the wildcards, Polkadot and Cardano. Both had sucky years over the last 12 months.
Cardano did move a little bit today, which is great, but I hope it gets to three bucks quick.”
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