Within two months, Ethereum should fully deploy Proof of Stake (PoS) capabilities with the “merger”. The network continues to dominate the decentralized finance (DeFi) and non-fungible token (NFT) sectors, two of the most important innovative trends in the cryptocurrency industry.
At the time of writing, Ethereum is trading at $3,200 with a 6% loss in the last 24 hours.
The position of ETH as a popular segment of the blockchain remains in question as “Ethereum Killers” gain market share. Cosmos and its ecosystem have attracted attention with the increasing popularity of Terra and Osmosis.
Recent data published by the monitoring Token Terminal indicates that daily Ethereum protocol revenue is going to Terra (LUNA) and Avalanche (AVAX). As shown below, this metric saw an increase in October 2021.
ETH’s daily protocol revenue peaked in November of that year and started on a downward trend from around $80 million to just under $20 million. Token station pointed The following is about this trend and the impact of the upcoming “merging” on stopping it:
And over the past 90 days, the rate of change in revenue has also slowed. AVAX, Luna, and some other protocols are taking market share! The merger could reverse this trend.
In this sense, Token Terminal wonders if Cosmos can become the fastest growing blockchain and outperform Ethereum in these terms. In favor of this thesis, the observer noted the explosion in the Cosmos ecosystem and the time it took to reach current adoption levels. Token Terminal said:
(…) What are the odds that Cosmos will eventually outperform Ethereum? Just consider how long it took L2s to go live versus the speed with which new IBC-enabled series are playing.
Ethereum to maintain its position as the king of DeFi?
In contrast to Ethereum, protocols built using the Cosmos infrastructure (CosmosSDK) appear more flexible and with fewer trade-offs than if they were built on Layer 1. With this development kit, the project can create a “custom blockchain for an asset exchange use case.”
Token Terminal claims that this provides the project with further optimization and tools to improve Ethereum’s restrictions. As shown below, the Cosmos ecosystem records Significant growth since 2020.
As reported by NewsBTC, two experts think otherwise. Former BitMEX CEO Arthur Hayes and Chief Commodity Strategist at Bloomberg Intelligence Mike McGlone are bullish on Ethereum’s entry into “The Merge.”
Hayes believes that this will put ETH at a 5-digit price and take back the lost market share from “ETH Killers.” Hayes argues that Ethereum remains the most active blockchain in terms of development and this event will only accelerate this innovation process.
McGlone agrees and expects the price of ETH to reach similar levels around $10,000. A Bloomberg Intelligence expert believes that Ethereum has become the security of the Internet with strong support for the future assessment of the dominance of DeFi and NFT.