Open-source software platform Ethereum enables blockchain applications. With a market cap only second to Bitcoin, its native token, ETH, has proven to be a game-changer in the field of smart chains.
The Bitcoin network is like a massive, powerful, tamperproof ledger that records transactions, but Ethereum went one step further. Ethereum was launched in 2015, making it the world’s first decentralized marketplace for financial apps, services, and games.
Ethereum has the first-mover advantage over all other cryptocurrencies and smart chains. Yet the crypto market has evolved exponentially over the past decade, and Ethereum killers are becoming increasingly popular in the market and making their way into investor portfolios. This article contains five Ethereum killers that investors should consider investing in in 2022.
What is the ETH killer?
The Ethereum network will transform ‘Ethereum 2.0,’ where it will switch from proof-of-work (PoW) to proof-of-stake (PoS) as its consensus mechanism. In addition to these two issues, Ethereum suffers from other issues that crypto enthusiasts have long complained about.
As the second biggest blockchain platform, Ethereum has gained a great deal of attention in the past few years as the platform of choice for non-fungible tokens (NFTs) and decentralized finance (DeFi) projects. Regarding market capitalization, its native token, ether, ranked second globally, over 100 unique DeFi projects ran on its innovative contract blockchain, and most NFT marketplaces used it to create infrastructure.
The network has also been experiencing issues, such as sluggish network speeds and high transaction fees. While Ethereum has begun working to resolve these issues, newer projects labeled “Ethereum killers” are leveraging the opportunity created in the interim by offering faster, more energy-efficient networks in the meantime.
Top five ETH killers to trade and invest in 2022
Third-generation blockchains are similar to Ethereum but provide more decentralization, higher scalability, lower transaction fees, and better smart contract implementation. It is worth discussing some of these.
Terra (LUNA)
Terra is the no. 1 network making significant gains and is considered one of the most potent Ethereum killers.
What is it about?
As Terraform labs manage Terrachain, developers can build DeFi projects on the platform because the blockchain supports smart contracts.
In recent months, Terra’s blockchain has seen widespread adoption. Even with the recession across the market, LUNA has been making significant gains despite using smart contracts in the blockchain.
Most special aspect
According to DeFi Llama, Terra has the second-largest total television line (TVL) after Ethereum. At this point, Terra’s TVL surpasses $15.6 billion, which is quite an increase from an earlier figure of $7 billion.
Price-performance
In the past year, the price of Terra has increased by 4.91%.
Terra price prediction 2022
Terra’s price will hit $100 by the end of 2022
Binance Smart Chain (BSC)
Binance Smart Chain change is one of the potential coins you can consider as an Ethereum killer.
What is it about?
Binance Smart Chain is a blockchain-based smart contract that runs in parallel with the Binance Chain, which is also compatible with the Ethereum Virtual Machine, launched only a year ago by Binance, the world’s leading crypto exchange.
Most special aspect
This year, Binance Smart Chain exceeded Ethereum’s daily transactions by over 500%, reaching nine million daily transactions against only 1.5 million for Ethereum.
Price-performance
Change of BNB price over one year is almost 72.33%.
BSC price prediction 2022
Price predictions for 2022 predict a maximum price of $738, while a minimum price of $613.
Polkadot (DOT)
Our list also includes Polkadot, another Ethereum killer.
What is it about?
A co-founder of Ethereum created its blockchain to provide developers with scalability in the blockchain space.
The new technology used by Polkadot makes it superior to Ethereum due to its unique infrastructure. It has not yet reached the same level of adoption and application as Ethereum, but it certainly shows great potential to be one of the leading blockchains in the future.
Most special aspect
Polkadot’s main strength is its parachains. Using parachains, developers can create separate blockchains that will run parallel to Polkadot, enabling some degree of independence. In addition, parachains aim to boost speeds and scalability in the same way sharding does.
Price-performance
In the past year, Polkadot has increased by 9.31%.
Polkadot price prediction 2022
By the end of 2022, DOT coin will reach a price of $35, after a bullish trend of $38 in Q1 and $44 in Q2.
Cardano (ADA)
Cardano is one of the most environmentally responsible blockchain platforms ever.
What is it about?
Cardano also uses the proof of stake consensus algorithm. In September 2021, Cardano had a global market capitalization of over $100 billion, making it the third-largest blockchain.
Most special aspect
The Cardano network runs on top of an open-source platform, and it is also considered the blockchain that enables smart contracts and decentralized applications to run. Furthermore, Cardano is capable of processing hundreds of transactions every second.
A peer-review system also exists in Cardano, which tests the entire chain after each update.
Price-performance
One year ago, the value of Cardano was 0.8922. Comparatively, the change is 24.2%.
Cardano price prediction 2022
Cardano’s price will reach $1.43 by the end of 2022, up from its $1.34 mid-year prediction. The increase is 13%.
Hedera Hashgraph (HBAR)
Fifth on our list of Ethereum killers to invest in 2022 is Hedera Hashgraph.
What is it about?
A blockchain project with high institutional investor interest, it is one of the largest on the market.
Hedera Hashgraph offers high speed, unlike Ethereum, by processing up to 10,000 transactions per second. Several notable technology companies have also contributed to the project, such as IBM, Google, Standard Bank, Boeing, LG, and Nomura.
Most special aspect
HBAR prices have risen over 700% over the last year. With a market capitalization of over $3.6 billion, this coin ranks as the 34th most valuable cryptocurrency on the market.
Moreover, Hedera has entered the Metaverse, further provoking interest in cryptocurrency. Using Hashgraph technology is considered a game-changer in the crypto space and can significantly invest in February 2022.
Price-performance
Hedera has increased in price by 4.42% since last year.
HBAR price prediction 2022
Prices for Hbar will be $0.44 in 2022.
Final thoughts
Blockchains that are already scalable pose a significant threat to the network. The blockchains regarded as Ethereum killers offer scalability, making them more valuable than Ethereum in the future. By 2022, Ethereum will switch over to a proof-of-stake consensus, which may give the network a solution to its high gas fees and slow speeds.