Ethereum Dominates L1s, BNB and Avalanche

MARKET_WATCH Blockchain

Ethereum remains the undisputed leader among Layer 1 blockchains, despite a growing number of contenders. Continue reading at DailyCoin. 

 

  • Ethereum remains the top Layer-1 ecosystem by TVL and token count. 
  • Ethereum used its first-mover advantage to cement its position as the leader among  L1s. 
  • BNB Chain and Avalanche are far behind in second and third place. 

The Layer-1 blockchain ecosystem continues to evolve at a rapid pace. Still, Ethereum remains the dominant leader in the space, with BNB Chain, and Avalanche trailing behind. 

 

Ethereum: Undesputed King of Layer-1

Ethereum remains the leader among Layer-1 blockchains, according to the latest report by CoinGecko. The second-largest crypto by market cap boasts $32.1 billion in total value locked (TVL) on its chain. 

 

Ethereum also hosts 3,578 crypto tokens on its chain, from native cryptos like Shiba Inu to wrapped versions of tokens on other chains, like Wrapped Bitcoin (wBTC).

According to CoinGecko, Ethereum’s dominance stems from its first-mover advantage and a strong developer community. Strong network effects enable Ethereum to maintain its dominant position in the L1 market. 

Ethereum is the first blockchain network to enable smart contracts. Decentralized finance (DeFi), decentralized apps (dApp), and non-fungible tokens (NFT) all run on blockchains with smart contracts. 

Source : [Ethereum Dominates L1s, BNB and Avalanche Follow: CoinGecko](dailycoin.com/ethereum-dominates-l1s-bnb-and-avalanche-follow-coingecko/) by David Marsanic - DailyCoin by David Marsanic / April 17, 2023

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