David Duong’s evaluation in Coinbase's latest report was on the prospect of Ethereum in the face of competition from rival layer 1 smart contract platforms. Leading networks in the latter group consist of Solana (SOL), Avalanche (AVAX) and Terra (LUNA).
According to Duong, ETH’s high gas fees is the reason why its competitors got “significant attention” last year. Nevertheless, Ethereum blockchain has a total value locked (TVL) of $156 billion across 214 projects. This figure is almost double the TVL on the next 10 chains combined.
Despite this, the executive believes that “there will still be room for multiple chains to co-exist in the crypto space”. This is because of the official timeline of ETH 2.0 implementation, which has been shifted to 2023. The interim period will provide alternative L1s to step up in doing “what the Ethereum network either takes too long or costs too much to do”. The remaining reasons are as follows:
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