Avalanche, Solana, and Terra will take market share away from Ethereum in 2022
Tasha Che, Ph.D. in mahttps://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcSgAlQoiXgNMbHFIKN3sHQIfGLyDWk2DmDlZw&usqp=CAUcroeconomics and founder of Tascha Labs, said that competing with Ethereum, Level 1 (L1) blockchains such as Avalanche (AVAX), Solana (SOL) and Terra (LUNA) are "growing faster because of more advanced technologies that improve their scaling."
ETH's dominance in terms of total blockchain tokens (TVL) has dropped 37% this year to $158 billion, according to DefiLlama. Ethereum's share of total TVL was nearly 100% in early 2021, but the network has ceded much of that dominance to competitors.
LUNA now accounts for the second largest amount of assets in the DeFi sector with $18.31 billion in TVL, followed by Binance Smart Chain with $16.97 billion. Solana and Avalanche have a total of $11.95 billion and $11.94 billion in blocked tokens, respectively.
