Ethereum’s era of crypto dominance is over — LONGITUDE panel
Summary
Ethereum's dominance among layer-1 (L1) blockchain networks has significantly declined, leading to increased competition for the top Web3 platform. Ethereum remains the most popular L1 with approximately $52 billion in total value locked (TVL), accounting for 51% of cryptocurrency on blockchain networks. However, its dominance has dropped from 96% in 2021. Solana is emerging as a strong competitor, surpassing Ethereum in several on-chain metrics such as active addresses and transaction volume, though Ethereum still leads in TVL and stablecoin issuance. Smaller L1s are also competing for market share, but many lack sustainable traction, often gaining popularity only during specific market trends or events.
