The recent rise in the price of Ethereum and the popularity of DeFi projects has led to a massive increase in transaction fees on the Ethereum blockchain.

This means that conducting transactions on the Ethereum blockchain has become a real pain, especially for small transactions.

As a result of this flaw found in Ethereum, many alternative crypto projects are trying to prove themselves as a better option for users.

But can any of them become an Ethereum killer?

Weiss Crypto reviews of projects that promise to be Ethereum killers:

Weiss Ratings is a company specializing in financial market analysis and risk assessment.

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It has a special branch, called Weiss Crypto Ratings, dedicated exclusively to the study of cryptocurrencies based on blockchain technology.

in recent tweetHowever, Weiss Ratings analysts explained that despite all the major complications that Ethereum is experiencing, it is unlikely that an Ethereum killer will emerge soon, no matter how successful some of these projects are.

Some say other L1s are catching up #ETH‘, but we’re very skeptical. It’s the same story from 2017 where wannabe ETH dollar Killers sacrificed all aspects of decentralization to be cheaper and faster.

WeissCrypto April 21, 2021

“L1” refers to core blockchain networks, i.e. those in which transactions are recorded directly on the blockchain.

Whereas “L2” solutions such as Bitcoin Plasma or the “Lightning Network” process transactions in a different way.

Weiss’ ratings pointed to 2017, the year that saw the fall of promising projects, such as EOS and NEO, which could not regain their former glory days even in the crypto boom of 2020 and 2021.

Weiss Crypto Ratings periodically ranks various cryptocurrency projects based on variables such as their technology, market performance, level of adoption, etc.

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Currently, the only A-rated cryptocurrencies are Bitcoin and Ethereum.

The closest competitor to Ethereum is the Cardano project, with a rating of B.

It is followed by EOS, NEO, Polkadot, Binance and Tron with a C+ rating.

However, in terms of pure technological development, Cardano and Polkadot each receive an “excellent” rating, Ethereum receives a “good” rating and Bitcoin receives an “acceptable” rating.

The Crypto Market Needs a Better Ethereum Killer or Ethereum?

It can be said that much of the cryptocurrency market renaissance may be due to Ethereum.

The dApps that kept the ecosystem alive during the economic downturn of 2018, DeFi that boosted the uses of the blockchain and contributed to the high price of Ethereum during 2020, and NFT, which is a new craze in 2021, all exist due to The ability of Ethereum to process smart contracts.

Bitcoin does not have this potential, which severely limits its use.

But the popularity of Ethereum has become a major threat which is the transaction fee of $30.5, although it reached its highest peak of $38 in February 2021.

Similarly, the cost of implementing smart contracts, measured in gas, has also reached record levels, making the use of different platforms almost impossible.

Read:Coinbase reveals the reasons that could lead to a decline in the price of Bitcoin and Ethereum

For this reason, traders began to explore new horizons, and Binance seized this moment to consolidate and improve the new Wave Binance Bookchain to operate smart contracts.

The launch of the “PancakeSwap” decentralized trading platform on the Binance blockchain, similar to “Uniswap,” marks a milestone in the world of DeFi.

This platform has helped spark interest in the new Binance blockchain, which has proven to be a cost-effective option for those who cannot continue to use Ethereum projects.

Binance cannot rest on its laurels so far, and it will certainly fight a battle against Ethereum.

However, everything may change with the release of Ethereum 2.0 in the future.

Once that happens, Ethereum 2.0 may become the Ethereum killer.

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