Uncovering the Myth: Have ‘Ethereum Killers’ Truly Lived Up to their Name?

Over the past few years, several debates have surrounded a leading blockchain network, Ethereum. While the coin often takes a backseat (only to Bitcoin), it currently stands with a market cap of $ 225.27 billion. There are several altcoins that were speculated to replace Ethereum and are popularly known as Ethereum Killers. 

An Ethereum killer is a phrase used to address a blockchain platform or an altcoin that has the potential to replace or surpass ETH concerning market share, applications, and adoption. There were several altcoins in the market that claimed themselves as ‘Ethereum killers’, however, only a few have managed to come close to fulfilling the term. 

“Killer on the Run….”: Is Ethereum Safe?

Ethereum is the second most popular cryptocurrency and a largely adopted platform with a million users in the crypto space. In its defense against the killers, Ethereum has decided to take a step and upgrade itself. The series of upgrades adopted by the development team is a lengthy process. This is where the killer coins are taking advantage and pitching themselves for the uppermost position in the market. 

Read: The Future of Memecoins: Are They Here to Stay?

In the past few years, competitors have popped up as a response to the weakness of the altcoin (ETH). One of the common complaints speculated around Ethereum was that the transaction fees often get unbelievably high. This happens especially during high network activity with the users vying for priority since everyone wants to quickly settle their transactions. 

Source: CoinMarketCap

The popular ‘Ethereum killers’ claim to offer security, high transaction speed, and flexibility to connect with other blockchain networks. These killers were also the very first to acclimate the environment-friendly Proof of Stake (POS) consensus mechanism. Ethereum, however, took a long time to switch to the POS mechanism in 2022. While the Ethereum Killers have received huge attention at the outset, none has made a successful attempt to oust the Ethereum ecosystem. 

Ethereum Killers: Where Are They Now?

Ethereum killers exist and are all better alternatives to Ethereum. While these coins have taken over a major part of the crypto market share from Ethereum, it still holds a considerable number of blockchain shares in comparison to other single platforms. While ETH is still on top, it might be too early and premature to call for any certainties, or maybe it’s almost at gunpoint and no longer early.