Ethereum is in the process of an upgrade that will help it scale better. However, Ethereum is still far off from achieving this goal. As Vitalik Buterin recently put it, Ethereum is 40% complete even after the merge.
This slow development in Ethereum has opened the way for new, more efficient blockchains to gain adoption. While there are many Ethereum competitors in the market today, below are some of the best and most competitive. These two could be heavily undervalued now that the cryptocurrency bear market has pushed them to record lows.
Solana (SOL) remains one of the top platform blockchains in the market. This is all thanks to its scaling capabilities and the fact that it has some of the lowest transaction costs of all major platform blockchains today.
While Solana has been bearish for the last couple of months, many analysts are optimistic that Solana has the potential to do well going into the future. One of the key factors likely to drive Solana’s growth is NFTs, and the potential is beginning to take shape.
One of the positive pointers to Solana’s potential is SolSea, a Solana-based NFTs platform. While SolSea has been around for a while, it recently rebranded and has many big plans for the future. Among the plans for the relaunched SolSea is to turn it into a YouTube for NFTs. That’s according to SolSea CEO Vitomir Jevrermovic.
Since Solana has low fees, which makes it favorable for anyone looking to launch an NFT, this dream can easily be achieved. That’s because there is a strong chance that most people looking to launch NFTs will look to Solana going into the future.
Avalanche (AVAX) remains one of the best platform blockchains today, driven by its high speeds and security. Avalanche can handle up to 4500 transactions per second and has never had any real security issues.
Besides, the Avalanche team is working hard to drive adoption, which is a plus for its long-term adoption. For instance, in August 2022, the Avalanche team will be in South Korea to help drive the adoption of Web 3.0.
Given that Web 3.0 has the potential to reimagine the web as we know it, Avalanche’s adoption on this front could give it an edge over other blockchains. Besides, Avalanche is positioning itself for infinite scalability by introducing subnets.
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