3 Ethereum competitors to watch even after the merge
The Ethereum merge is likely to entrench Ethereum’s position as a top layer-1 chain. That’s because, with better scaling and lower fees, more developers are likely to find Ethereum even more attractive.
So, does this mean the platform blockchain market is cornered, and there is no space for other players? Far from it! While Ethereum is likely to entrench its position as the number one platform blockchain, others will still thrive. That’s because Ethereum fees will, on average, still be higher than other players in the industry.
In fact, at current depressed prices, now could be a good time to invest in layer-1s that have the potential to do well if Ethereum triggers a broader market rally in the short term.
Solana (SOL)
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Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
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Solana (SOL) takes pride in being one of the fastest platform blockchains and is unmatched regarding transaction costs. Solana can handle up to 50k transactions per second at fees in the pennies.
While Solana has had security scares recently, developers seem to have confidence in it, as its adoption is growing fast. For instance, Solana NFTs are growing exponentially, and the number of DeFi projects launching on Solana is also on the rise.
One of the big projects moving to Solana and could change its fortunes in short to medium term is Helium. Helium is considering a shift to Solana, and once it happens, it will be a huge credibility boost for Solana.
It will be a good indicator that Solana still has room to grow despite the increasing pressure that Ethereum will put on Layer-1 blockchains going into the future. When you factor in that Solana is way off its most recent highs, it’s clear why it is one of the top cryptocurrencies to watch even after the Ethereum merge.
Terra Classic (LUNC)
As LUNC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase LUNC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LUNC right now, follow these steps:
1. Buy ETH on a regulated exchange or broker, like eToro ›
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2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask
You’ll need to create your wallet, grab your address, and send your coins there.
3. Connect your wallet to the 1Inch DEX
Head to 1Inch, and ‘connect’ your wallet to it.
4. You can now swap your ETH for LUNC
Now that you’re connected, you’ll be able to swap for 100s of coins including LUNC.
Terra Classic (LUNC) has been in the news recently, primarily due to the token burn that was implemented as an on-chain tax. While this is the reason for the massive pump witnessed last week, Terra Classic remains one of the most capable Layer-1s in the market. It still has the technical capabilities and lots of projects building on top of it. That’s despite the UST collapse that almost ruined the network. Terra Classic’s scalability, low fees, and now the token burn put it in a unique position to compete with Ethereum even after the Ethereum merge.
Avalanche (AVAX)
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Avalanche (AVAX) is another top layer-1 cryptocurrency gaining traction quite fast in adoption. The most recent pointers to Avalanche’s growing adoption include GMX, a decentralized spot trading exchange, and DeFi aggregator 1Inch. Being one of the more stable L-1 chains, Avalanche is likely to record growing adoption even after the Ethereum merge.
Since Avalanche is trading at record lows compared to its most recent all-time highs, it stands out as one of the top cryptocurrencies to keep an eye on not just in September but for days to come.
