Every Ethereum user currently knows the problem: The transaction fees on the Ethereum blockchain are currently so high that most applications are unusable for normal users.
This makes DeFi trades or NFT portals on Ethereum a costly affair.
A battle for smart contract applications has broken out between Ethereum and Binance. The Binance Smart Chain (BSC) introduced in September 2020 enables smart contract integrations such as Ethereum. The great growth of DeFi products on the Ethereum blockchain and the associated problems of increasing costs and transaction times have prompted Binance to create its own DeFi-enabled blockchain.
BSC can offer significantly lower fees and faster transactions than Ethereum.
In addition to the BSC, Cardano is again increasingly being traded as an Ethereum killer. The Mary Hardfork will make it possible for anyone to create Cardano-based assets such as NFTs, Stable Coins, and DeFi products. Cardano could position itself well in the booming NFT (Non-Fungible Token) topic.
Other names were also recently mentioned as possible Ethereum killers, such as Polkadot, Solana or NEO.
To be honest, one of my favorite projects, IOTA, is also in the process of being decentralized and getting smart contracts. And, if they are the first IOT companies to get standardized applications, then huge growth can also be expected in the course.
Don't forget Hedera too!
These are all the facts
In a nutshell, with Ethereum as the market leader in smart contracts, the leading position is vulnerable. The longer the transition to Ethereum 2.0 takes, the more this will be the case.
In addition, Binance is a real company with many use cases, and I wouldn't be surprised if they went on the stock exchange, like Coinbase today.
Polkadot is just hype for me, just like the other Defi exchanges. Just as we had another top 20 in the crypto rating 3 years ago, we will also see another in 3 years. Of course, that's just my own opinion, which you don't necessarily have to take seriously. And that's what we want to discuss here too.
In my opinion, Ethereum will reach new heights very soon, I even expect 5k before ETH 3.0. I see Binance advancing more in the Coinbase area, towards Big Bank for Crypto but also ETF and stocks. Who knows. So, not necessarily as an Ethereum competitor after 2.0
Ada could actually compete with Ethereum. And that's exactly what will be exciting to watch over the years.
I myself chose Ethereum as the number 2 behind Bitcoin a long time ago. But I also have a nice chunk of BNB. I'm a little late for DOT, in my opinion, but I still hold something of ADA, the private key, of course
And what about you? Do you think that the BSC will overtake the ETH rank or is the ADA with its extreme programming language the better choice? Polkadot?
Or will another coin take over the number 2 ?