From Ethereum to Solidity, those hoping to destroy the smart contract economy failed miserably, and none of them beat Ethereum.
Many people at the end of 2022 thought that several smart contract platforms would overtake Ethereum, but many also said that it was unlikely to happen.
At the end of 2022, Ethereum still topped the charts as a smart contract platform, and various so-called ‘Ethereum killers’ began to lose value. On Dec 23rd, 2021, the total valuation for smart contract platforms was around $823 billion. ETH at that time represented 59.42% of that value. Today, on Dec 30th, 2022, according to the crypto economy report, sees the top coins valued at $239bn and ETH’s market cap close to $144bn. It is estimated ETH represents about 60% of the aggregate value of all the smart contract platform tokens listed today.
The smart contract economy was much better than this year, and many experts speculated that ETH would lose its throne to the ‘Ethereum Killers.’ Though some of these coins were top ten contenders in December 2021. You might not have heard of MATIC, but it has made it into the list of top-performing currencies for the year 2021. The two frontrunners BNB and ADA, barely stay in their positions as Polygon (MATIC) continues to hold the title.
According to Cryptoslam’s research, Ethereum (ETH) will produce more non-fungible tokens than any other smart contract chain in 2022. Ethereum also joined its competition in terms of a proof-of-stake consensus algorithm after the successful completion of The Merge in September.
The Ethereum killer, called Solana in 2021, was anticipated to overtake ETH in 2022. Solana supporters forecasted this event with anticipation. While there has been a lot of publicity about SOL’s connections to FTX and co-founder Sam Bankman-Fried, their belief that it can be a force for positive change in the industry is worthy of discussion. The SOL crypto asset has lost 96.2% from its all-time high and used to be the fifth-largest crypto on December 23, 2021.
Terra’s stablecoin, terrausd (UST), managed to devalue all the way down to $0.01 after it detached from its $1 parity in the first week of May 2022. Last year, Luna reached a value of $93.24 for one coin on December 23, 2021, and now Luna Classic (LUNC) is all trading below at US$0.01.