Layer-1 blockchains: How crypto winter could slow the challenge to Ethereum
— Chainalysis, Noted, High volume, New feature, President, Problems within web3 ecosystems, Also work, 2 seconds, Decentralized finance, Institutions — 1 min read
Chainalysis published a blog post entitled “New layer 1 blockchains are expanding the DeFi ecosystem, but no ETH killers yet” Chainalysis gathered data from different blockchains to determine strengths and weaknesses of the networks. The report categorizes Algorand as a top-10 L1-blockchain by market capitalization, stating: “Algorand saw its transaction volume grow 65% in Q3 2021, while Bitcoin and ETH saw volumes drop 37% and 45% respectively” The report concludes that none of the L1 blockchains analyzed have been successful in solving all challenges associated with the Ethereum network. For instance, the merge of the two blockchains is set to take place this year but may be pushed to 2023. Source