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Its now an “open race” for leadership among layer-1 blockchain networks, Nansen’s CEO said.
Ethereum’s relative dominance among layer-1 (L1) blockchain networks has declined, resulting in an “open race” to become the leading Web3 platform, according to Alex Svanevik, CEO of data service Nansen.
“If you’d asked me 3–4 years ago whether Ethereum would dominate crypto, I’d have said yes,” Svanevik said during a panel discussion at the LONGITUDE by Cointelegraph event. “But now, it’s clear that’s not what’s happening.”
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Ethereum is still the most popular L1 network. According to data from DefiLlama, its roughly $52 billion in total value locked (TVL) represents 51% of cryptocurrency residing on blockchain networks.