Ethereum’s relative dominance among layer-1 networks is declining, leading to an open competition for Web3 leadership. Data shows Ethereum now controls 51% of the total value locked across blockchains, down from 96% in 2021.
Solana is gaining traction as a competitor with better on-chain metrics. Alex Svanevik emphasizes that multiple smaller layer-1 chains are emerging, highlighting a shift in market dynamics.
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