The key point for digital assets competing with Ethereum is the number of users.
Arthur Hayes, former head of the BitMEX crypto exchange, believes that alternatives to Ethereum will have a difficult fate. According to the expert:
“It’s good that some such blockchains claim very fast transaction speeds, but the question is what popular projects are built around these distributed registries.”
Hayes says one of the main points of success for such projects is the number of users, not just their technological advantages over Ethereum. Many such alternative blockchains will fail, he says.
However, he himself Ethereum finds himself in a situation where some areas of the cryptosphere, including work on this blockchain, have so far shown a significant decline. Thus, compared with the peak value in January, the volume of transactions with NFT on all blockchains by the current moment has sagged by 97%, to a weekly value of $114.4 million, according to Dune Analytics. The loss in NFT turnover on Ethereum during the same time frame was 90%.
Meanwhile, a competitor to Ethereum, the Solana blockchain, has seen its share of total NFT transactions rise from 7% to 24% in the past six weeks, as reported by Delphi Digital.
Meanwhile, the recession in European and U.S. economies is already causing investors to take a closer look at digital assets in principle. As billionaire David Rubinstein, co-founder and co-chairman of private equity firm Carlyle Group, said, cryptocurrencies are a phenomenon that won’t go away anytime soon. He admitted that he cannot yet decide which of the 18,000 types of cryptocurrencies will continue to exist and has not yet invested in any cryptocurrencies, but he sees a new economic trend in these digital assets finding investors.