Ethereum Alternatives and Layer 1 Solutions Record Consistent Gains in September

By September 26, 2021Ethereum
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Competition among Layer One (L1) smart contract platforms has increased over the past two months as traders and developers continue to embrace Ethereum (ETH) network alternatives that offer longer transaction times. fast and lower fees.

According to a recent report from Delphi Digital, the price of Ether has remained relatively stable over the past month while competitors like Solana (SOL) and Fantom (FTM) have seen their prices increase by over 200% over the past month. the same period.

One of the driving forces behind the rallies seen at Fantom (FTM), Avalanche (AVAX) and Terra (LUNA) is the fact that each has launched a variety of multi-million dollar fundraising initiatives designed to attract developers, investors. and new liquidity in their ecosystems.

These initiatives have sparked a wave of new business and cross-chain transfers from the Ethereum network to Layer 1 projects and Solana has seen the biggest gains to date.

When it comes to the individual apps located on the different blockchains, the Avalanche-based Trader Joe DeFi protocol saw the biggest gain in terms of TVL over the past seven days, with the value locked on the protocol increasing by 57%.

Related: Finance redefined: second layer growth and SEC scrutiny, September 19-23

Layer 2 platforms increase their gas consumption

It’s not just Ethereum’s first layer competitors that have seen their activity increase in recent months. The launch of several new Layer Two solutions and a Decentralized Derivative Exchange dYdX (DYDX) release have resulted in increased gas consumption by Layer Two protocols.

Data from Delphi Digital shows that the percentage of gas used by layer two solutions is now over 1% after reaching 2% in early September.

The DYdX protocol was one of the first to adopt Layer Two technology through collaboration with Starkware, and the protocol has seen a new level of activity in recent weeks after the release of its DYDX governance token which was released on September 8 to users. who had previously used the protocol.

Since the release of the airdrop, the TVL locked to the dYdX has grown from $ 422 million to $ 554 million, and its 24-hour training volume has grown from $ 700 million to $ 2.4 billion.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move comes with risk, you should do your own research before making a decision.

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