Ethereum vs Competitors: Who will lose Relevance?

[GateioExchange]

Shanghai upgrade is finally happening, but is it too late?  Will Ethereum even be relevant by the time it finishes upgrading?  Or are they taking too long?

Lots of EVM competitors now:
a)  Polygon zkEVM functionality
b) Cardano now has native EVM
c) Filecoin added VM compatibility

Check out our take, and then reply with feedback of your own:
https://www.youtube.com/watch?v=GO4-cOgo7j4

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[Why you bully me]

Shanghai upgrade is finally happening, but is it too late?  Will Ethereum even be relevant by the time it finishes upgrading?  Or are they taking too long?

Lots of EVM competitors now:
a)  Polygon zkEVM functionality
b) Cardano now has native EVM
c) Filecoin added VM compatibility

Check out our take, and then reply with feedback of your own:
https://www.youtube.com/watch?v=GO4-cOgo7j4

I believe Ethereum is too far ahead with its first movers advantage and the amount of developers and dapps in use etc. I think the narrative of your post should be the other way around and asking if other altcoins could try and reach close to ethereum.

[avikz]

ETH is a pioneer in the altcoin market and it is very widely used everywhere in web3 or in tokens market. The kind of footprint it has got, has no competition. So I would say that ETH will loose relevance.

Being technically advanced doesn't always help in adoption. So ETH may be technically a little behind than some other coins, but in terms of users, it is far ahead. So I don't see ETH becoming irrelevant.

[bittick]

considering the fact that many of the alternate blockchain like arbitrum are actually helping ethereum increasing its market capitalization in general, i'd say the competition would have tough time competing against ethereum.
even if the like of polygon are trying to implement some additional feature, but ethereum can be said doing it first because many second layer implementing the new technology.

[dbshck]

Shanghai upgrade is finally happening, but is it too late?  Will Ethereum even be relevant by the time it finishes upgrading?  Or are they taking too long?

Lots of EVM competitors now:
a)  Polygon zkEVM functionality
b) Cardano now has native EVM
c) Filecoin added VM compatibility

Check out our take, and then reply with feedback of your own:
https://www.youtube.com/watch?v=GO4-cOgo7j4

I believe Ethereum is too far ahead with its first movers advantage and the amount of developers and dapps in use etc. I think the narrative of your post should be the other way around and asking if other altcoins could try and reach close to ethereum.

Indeed. I'd argue that Polygon and Filecoin can maintain their relevance by catering to distinct functionalities and niches. Polygon still has a decent DeFi TVL and actively pursues growth in the NFT market, recently convincing Solana's DeGods to move to their chain. Filecoin team is the same team that builds IPFS I believe, which is widely used today. Cardano, however, I'm amazed to see Cardano still in the top 10 by market cap size. Do people actively use it, and if so, for what purposes?

[Yogee]

[.....]
Cardano, however, I'm amazed to see Cardano still in the top 10 by market cap size. Do people actively use it, and if so, for what purposes?

User base may not be as high as Ethereum but it's still growing. Most are probably just staking at the moment and waiting for the potential they see on Cardano.

I don't see this chain losing relevance despite Ethereum's recent updates. It's true that we don't hear much about them since developers prefer the slow and steady approach. Only releasing new features when they are certain it's ready for mass usage. The chain seem stable unlike others that has outages every now and then. Perhaps that's also one reason why it remains in the top 10.

[fvb]

I don't think it will ever lose its relevance. Although now many use other networks due to the price of gas, and more and more new projects are coming out on other blockchains. But as forum users correctly write here, ETH is a pioneer and, one might say, the founder of the entire movement. And if the price of transactions is reduced by at least half, then everything will be even better.

[Argoo]

Shanghai upgrade is finally happening, but is it too late?  Will Ethereum even be relevant by the time it finishes upgrading?  Or are they taking too long?

Lots of EVM competitors now:
a)  Polygon zkEVM functionality
b) Cardano now has native EVM
c) Filecoin added VM compatibility

Check out our take, and then reply with feedback of your own:
https://www.youtube.com/watch?v=GO4-cOgo7j4

Ethereum was, is and will be the leader of altcoins for a long time. It has a good team and many useful features. Some coins, including BNB, simply copy the functions of ethereum, improving them a little. Now ethereum continues to be updated and improved, and this inspires confidence that this coin will be ahead of all altcoins for a long time to come.

[moneystery]

Why has Ethereum lost its relevance? To be honest, Ethereum is the leader in the Altcoin market and it will be very difficult for other tokens to overtake Ethereum. Regardless of the sophistication of the technology, or how other chains develop, people still (for now) believe in Ethereum and hold onto it.

[podluznyj]

Why has Ethereum lost its relevance? To be honest, Ethereum is the leader in the Altcoin market and it will be very difficult for other tokens to overtake Ethereum. Regardless of the sophistication of the technology, or how other chains develop, people still (for now) believe in Ethereum and hold onto it.

I completely agree with you that eth, for me, is the most relevant cryptocurrency today, it is more stable today than other altcoins, in fact, how many have not been and have not come up with a new crypt, no one has yet managed to gain a foothold in the market and also competitors in the network few

[Husires]

How can we consider Polygon a competitor to Ethereum when it is built as a second layer of Ethereum and relies on it mainly?

The continuous development of Ethereum will make the rest of the competitors useless currencies, there is nothing to offer except for low fees, which Ethereum seems to be succeeding with, with the possibility of expanding applications easily.

What determines the end of the battle is the continuity of development. If these currencies stop developing, they will slowly die.

[crzy]

These are the healthy competition, but it looks like ETH is still ahead for many reason.
I remember ADA claiming to be the ETH killer but it was a pure hype, now they are trying to copy the update to stay in the competition. Well its good to have more choices, and choosing the best one should be our top priority, for me ETH will still lead here.

[posi]

I still believe in ETH's potential and no competitor will surpass it. ETH has been around since 2015, and so far, many new projects are constantly being born and are always advertised as better than ETH, which is the killer of ETH. But so far, all have failed miserably. The most recent is Solana, and we could have it failed miserably, I don't even believe Sol will recover from the FTX crash, let alone replace ETH in the future. And from my observation, many recent new projects also have no one outperforming ETH in the near future.

[yazher]

There's no doubt that their competitors are now going to give them hard times since the services and items that they are offering this time are worthy. Unlike the old days, Ethereum competitors are just weak and don't have any real road maps that will work. Nowadays, they cannot be comfortable in their chair because their competitors are willing to take huge risks in their development and updates just to keep their users and not migrate to other competitors as well. what is most important to the other competitors is their transaction fees and this is one of the big things why they gain more users throughout the years.

[poodle63]

Why has Ethereum lost its relevance? To be honest, Ethereum is the leader in the Altcoin market and it will be very difficult for other tokens to overtake Ethereum. Regardless of the sophistication of the technology, or how other chains develop, people still (for now) believe in Ethereum and hold onto it.

It's also a good question. People were always seeing the new blockchain as a competitor for ethereum while the fact that if ethereum itself is not even seeing it as competitor. Those blockchains being created to give solutions to the ethereum scalability which is not able to handling so many transactions at the same time. This is also main problem that has been facing by so many people. The new blockchain gives alternative blockchain.

[hugeblack]

Over my long knowledge of cryptocurrencies, and since 2017, when Ethereum was issued as a currency that has its place that is different from Bitcoin and has a bright future, thousands of cryptocurrencies have appeared claiming to be the "Ethereum killer", but most of these projects have died during the first 3 years and with the transformation of Ethereum to POS, you will not be able to be long-term competitive currencies.
So, if ehereum fees rise, we may witness competition, otherwise these currencies will die with time.

[theskillzdatklls]

Shanghai upgrade is finally happening, but is it too late?  Will Ethereum even be relevant by the time it finishes upgrading?  Or are they taking too long?

Lots of EVM competitors now:
a)  Polygon zkEVM functionality
b) Cardano now has native EVM
c) Filecoin added VM compatibility

Check out our take, and then reply with feedback of your own:
https://www.youtube.com/watch?v=GO4-cOgo7j4

I believe Ethereum is too far ahead with its first movers advantage and the amount of developers and dapps in use etc. I think the narrative of your post should be the other way around and asking if other altcoins could try and reach close to ethereum.

Yeah, I think the ETH-killer narrative is mostly done. Destroyed on the 2021 cycle.

At this point, at least for this type of technology, it's mostly a race to become a dominant L2 or other.

Trying to convince enough people to join your chain over Ethereum when it's worth hundreds of billions and getting ridiculous TX fees spent on it per day/week, 30x ratioing Bitcoin on fees, I mean good f- luck.

[woez]

My view It is difficult to predict exactly which platforms will lose their relevance in the highly dynamic and growing cryptocurrency market. Ethereum has established itself as a leading smart contract platform with a large and active developer community, and is currently undergoing a major upgrade with the Shanghai hard fork.

Yes, While there are competitors offering similar features, such as Polygon's zkEVM, Cardano native EVM, and Filecoin VM compatibility, Ethereum has had a significant head start in terms of adoption, network effects, and market cap. However, it is important for Ethereum to continue to innovate and improve its platform in order to remain competitive in the long term and depend on its ability to provide value to its users and ecosystem I think.

[Myleschetty]

There's nothing like a competition between Ethereum and other altcoins.
First, Ethereum is like BTC in the altcoin market and it was the first to introduce the dApp concept into the cryptocurrency market before some dev imitate the ETH concept.
No matter how hard other dApp projects try they will always live in the shadow of ETH and if you guys notice you'll see that it like Vitalik purposely delay the ETH2.0 upgrade to give space for other dApps projects.

[livingfree]

It won't lose its relevance.

Still a top altcoin and that's like being premium on this market. No matter what upgrade will it have, the matter is going to be still on its favor because of how it was built.

There could be a better altcoin than Ethereum and has its own network and yet, many investors won't look at that as all of us prefer to look into the current state of Eth.

[goaldigger]

ETH has been so stable since then even if there’s a new competitor coming into this market, it is more established and many good projects under its chain and that makes ETH more ok. I don’t think ETH will lose its relevance, it will still be the top altcoin and its value will continue to increase. Though most probably its competitor will continue to challenge ETH but still in the end, no one can replace ETH on top.

[abel1337]

I don't think eth will lose it's relevance from anytime now. ETH is still being used or have a strong consideration by many developers and they are on the top of their game today even with the competitors advancements. ETH is an altcoins that is always a part of a trend and people use it even before their upgrade where their fees are ridiculously high. They are one of the successful pioneers of altcoins and I don't think that they will lose their shine even on the future trends. Their competitors knows how well ETH is supported by the community and I believe that they are aiming to get on par or surpass it. I've saw so many eth clones out there and no one to date surpass ETH.

[lalabotax]

Currently, indeed we can find several Ethereum competitors that are quite more effective and stronger. however it makes for a good rival, especially on the transaction fees front. Ethereum even has a bigger cost, especially during bullish times. but now the fee has increased. While other networks still provide a small fee. So if this keeps happening, wouldn't it be bad for Ethereum itself because maybe over time it will lose more and more users of the Ethereum network?

[bittick]

ethereum will hardly lose its relevancy in the other hand the so called ethereum killer are always losing their relevancy at the end of the day.
ethereum as a platform and as a smart contract based blockchain is already having too much capital, the so called ethereum killer even though have significantly cheaper gas fee required, just stuck and didn't grow.

[gurunanakji777]

I think you are underestimating Ethereum. Ethereum is way ahead of all other altcoins in terms of value, so there is no comparison with those chains. It is the leading altcoin and, in my opinion, there is no question about its relevance in the future.

[podluznyj]

ETH has been so stable since then even if there’s a new competitor coming into this market, it is more established and many good projects under its chain and that makes ETH more ok. I don’t think ETH will lose its relevance, it will still be the top altcoin and its value will continue to increase. Though most probably its competitor will continue to challenge ETH but still in the end, no one can replace ETH on top.

Today, I consider eth one of the most stable and promising crypto-money and therefore it is the most relevant and there are practically no alternatives today, well, of course, the alternative is bitcoin, but it’s completely different, and everyone who wanted to outdo eth didn’t work out for them today

[GreatArkansas]

(...)
a)  Polygon zkEVM functionality

I'm going with Polygon zkEVM functionality. Polygon is a serious project and Polygon is one of the projects that is helping Ethereum to scale since day 1, as Polygon was a popular layer 2 network during the early days of layer 2.
So for me, I don't think so Cardano and other projects will have the power to compete with Polygon. Polygon got a strong team and community.

[killerfrost]

To me the competition in this market is for everything below except bitcoin and Ethereum. After many years in the market until now I only see that many new projects appear that just want to take the place of Ethereum, but as a result they often fail and fail to achieve their goals. But what ETH has will be difficult to shake, even if the news surrounding the opponent takes restrictions from the network, gradually over time, this does not make much sense. A huge community of users and more and more I see it being seen as a speculative asset rather than how it will be.

[inanilujimi]

Most people now use something that many people already know and use, as well as ETH which is too big and will never lose its relevance.
Even though its competitors are much more efficient, it is still the pioneer who is most in demand.

[doomloop]

Currently, indeed we can find several Ethereum competitors that are quite more effective and stronger. however it makes for a good rival, especially on the transaction fees front. Ethereum even has a bigger cost, especially during bullish times. but now the fee has increased. While other networks still provide a small fee. So if this keeps happening, wouldn't it be bad for Ethereum itself because maybe over time it will lose more and more users of the Ethereum network?

I definitely agree with that. They won't only lose users that use the chain for transactions but they will start losing developers and projects willing to use their protocol to create and run their decentralized applications because of the rising transaction fees which are obviously an issue for a normal user and projects will need to see all these factors.

If I was to create a project to provide some utility to my customers or users, I would obviously look for a blockchain protocol that can allow me and my users to spend very less money on transaction fees to enjoy costless or very cost-friendly transactions all the time.

[MIner1448]

The Ethereum upgrade is an important step in the development of the network and in the long run can make Ethereum more efficient and competitive in the cryptocurrency market. However, like any other update, it may take time before it is fully accepted and implemented on the network.
Competition in the cryptocurrency industry is indeed getting fiercer and the emergence of competitors such as Polygon zkEVM, native EVM in Cardano, and virtual machine compatibility in Filecoin could be a challenge for Ethereum. However, Ethereum has a large community of developers and users who continue to create new projects and applications based on Ethereum, which may keep it in demand in the market.
It is impossible to say exactly what will be the fate of Ethereum in the long term and which projects will be more successful. However, competition in the industry can lead to new and better technologies and projects, which can ultimately benefit the entire cryptocurrency community.

[sana54210]

Shanghai upgrade is finally happening, but is it too late?  Will Ethereum even be relevant by the time it finishes upgrading?  Or are they taking too long?

Lots of EVM competitors now:
a)  Polygon zkEVM functionality
b) Cardano now has native EVM
c) Filecoin added VM compatibility

Ethereum will never lose relevance, but the question is asked in a way that it makes you want to say one of them will, you could always say something like both of them will or none of them will. This is why it is important to make sure that you could do as well as you possibly could. This is how you are going to do well, you will end up with a proper return if you think outside of the box, in this case outside of what is asked.

I personally believe that neither will lose relevance, maybe ETH will stay, and the other coins and tokens will stay as well? I think something like matic, ada, sol, avax etc all look like a good thing and should stay, even if a few goes down, something new will come out as well. So that looks like neither will lose relevance in the near future.

[monedauno]

A:

I'm not sure what you mean by "time" but it sounds like you're talking about. There's no point in waiting until the end of the year to upgrade. That's a lot of work, and it's not going to happen overnight.
In order to get a chance to work on something, you need to be able to keep up with the pace of the market. If you don't have a ton of time to do it, you're going to end up with a lot of work to do.
As an example, let's say you're looking at a coin that's worth $100,000. You've got a bunch of people trying to sell it, and you're wondering The problem is, you don't know how much it will cost
So, what you need to do is figure out how much work you need to do to get it into the hands of a lot of people. If you're going to spend a lot of time on it, you need to make sure you're not overcomplicating things

[lobo13hf]

most of the competition already losing relevance, current ETH fee which means high traffic reflects that. just mention some of the other competition they didn't even mentioned alot these days.
instead they are being replaced by layer 2 which acts like supportive blockchain for ethereum, certainly this could only means one thing, the competition has been losing their relevance ever since.

[JeffBrad12]

Most people now use something that many people already know and use, as well as ETH which is too big and will never lose its relevance.
Even though its competitors are much more efficient, it is still the pioneer who is most in demand.

I do agree with this statement, veryone just seeks something that they already used to and that is eth, doesn't matter if the other party got some massive ultra scalability everyone just sticks with ethereum at this point.
heck even if you see the uniswap smart contract, see how active it is, spending millions of dollars just for fee alone in a day and that's only one contract, the other aren't that far off from what uniswap is having.
honestly I doubt if there is any coin out there that eventually gonna overtake ethereum it's just already too big of an altcoin, it's like the giant of altcoin much like having similar bitcoin domination but in altcoin category.
even right now like some people have said, coins like polygon, solana, have been losing their userbase each and every day. I wonder what's gonna be happening next few years into the future with these coin in general.

[TastyChillySauce00]

All of competitors are trying to be integrated to the ethereum blockchain which mean if ethereum blockchain is really important. I think that ethereum will always be relevance and it's caused by ethereum blockchain is always become the one that leading the ethereum smartcontract programming.
There have been many L1 in the market but people are still picking ethereum even though the fees was quite high at this moment. I think that if if you can't even compare ethereum with l2 blockchain as l2 being made as solution for ethereum.

[podluznyj]

ETH has been so stable since then even if there’s a new competitor coming into this market, it is more established and many good projects under its chain and that makes ETH more ok. I don’t think ETH will lose its relevance, it will still be the top altcoin and its value will continue to increase. Though most probably its competitor will continue to challenge ETH but still in the end, no one can replace ETH on top.

as for me, ethereum has no competitor and I don’t think there will be, how many projects have already been that said that when their product is released, they will crush ethereum and it will lose relevance, but this has not happened yet and I think it will not happen, since ethereum is stable as once

[Bolivar_Tony]

Shanghai upgrade is finally happening, but is it too late?  Will Ethereum even be relevant by the time it finishes upgrading?  Or are they taking too long?

Ethereum will always have relevance both now and in the future, If you watch closely most of the project are fork of ethereum, some didn't even change anything aside colors, so ethereum will always have relevance because of massive community support, majory of people in crypto space holds ethereum in their wallet

[o48o]

Shanghai upgrade is finally happening, but is it too late?  Will Ethereum even be relevant by the time it finishes upgrading?  Or are they taking too long?

Lots of EVM competitors now:
a)  Polygon zkEVM functionality
b) Cardano now has native EVM
c) Filecoin added VM compatibility

Check out our take, and then reply with feedback of your own:
https://www.youtube.com/watch?v=GO4-cOgo7j4

How is polygon competition for eth? It's literally build on eth to scale it. It wouldn't exist without eth. Comparing those would be like comparing roads to cars or electricity to electric cables.

But Cardano and filecoin can exist in the same space, i don't mind them as healthy competition is always needed for development, but i don't think that they stand a change of getting any of the developers from eth. As devs go there where the network effect and profitability is.

[deepblue01]

Ethereum is the first smart contract in this crypto world and there are many good altcoins using ethereum network.
And almost everyone who joins this ecosystem knows ethereum which means they trust ethereum for their own investment