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MA note from JPMorgan states that Ethereum is in danger of losing its dominance due to its inability to create efficient scaling solutions quickly.
A note from JPMorgan speak that Ethereum may continue to lose its dominant position in the decentralized finance sector in the coming year. The note, written by Nikolaos Panigirtzoglou, managing director of global strategy at JPMorgan, says that this dominance is being challenged due to problems Ethereum has had in scaling its network.
Regarding this, the note says:
What is needed for the Ethereum network to maintain its dominance may come too late.
Ethereum has focused on L2 (Layer 2), to find alternatives to the intensive operation and high gas fees that are occurring. Even with this strategy, defi dominance, estimated at almost 100% at the beginning of last year, has dropped to an estimated 70% now.
The Rise of New Challengers
Panigirtzoglou further explained that Ethereum has lost some of its influence to other chains, rather than its own L2 scaling solutions.
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Solana , Avalanche , BSC and Terra , layers1 are known as “ethereum killers,” gaining market share and creating a large community.
This also leads to an increase in the price of these coins. While Ethereum also tries to increase in price, the aforementioned coins surpassed the performance of ETH in 2021.
Sharding, which is the strategy Ethereum will use to scale, won’t arrive until next year, which will change proof-of-work (PoW) consensus to proof-of-stake (PoS).