Three Ethereum Rivals Are Growing at an Unprecedented Rate, Rising Faster Than ETH Itself: Report

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Three Ethereum Rivals Are Growing at an Unprecedented Rate, Rising Faster Than ETH Itself: Report: While the crypto markets experience a rough start to the new year, several competitors of leading smart contract platform Ethereum (ETH) are moving full steam ahead.

Three Ethereum Rivals Are Growing at an Unprecedented Rate, Rising Faster Than ETH Itself

In a new annual developer report, early-stage venture firm Electric Capital says that although Ethereum’s rapid growth continues, a handful of up-and-coming blockchain projects are rising at an unprecedented pace.

Polkadot, Solana, NEAR, BSC [Binance Smart Chain], Avalanche, and Terra are growing faster than Ethereum did at similar points in its history.

Layer-1 blockchain protocol Solana (SOL) is coming off a breakout year where it leaped from under $2 to an all-time high near $260 back in November. The altcoin is currently valued at $147.65.

Cross-chain interoperability protocol Polkadot (DOT) also went on a big run in 2021. DOT surged from under $10 to as high as $54.98 in early November and is currently trading for $26.42.

Terra (LUNA), the 10th-ranked crypto asset, roared from under a dollar to above $20 during the first half of 2021, then after a market-wide correction began a steady series of upward movements, pulling nearly a 10x from July to today’s value of $76.57.

Electric Capital co-founder Avichal Garg took to Twitter to share key data about growth in full-time monthly developers, noting that Terra jumped by 313% and Solana was a close second at 307%.

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Garg also calls attention to Ethereum’s growth. He says,

Ethereum grew +42% in total devs, +24% in full time devs. ~700 new devs contribute to the Ethereum ecosystem every month.

The co-founder also provides a chart chronicling Polkadot’s 66.6% growth in comparison to Ethereum from 2020 to 2021.

At time of writing, number-two cryptocurrency Ethereum is down 3.87% on the day to $3,403.

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