Many of Ethereum's Rivals Begin to Crumble While Some Still Shine
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Ethereum is still dominating the crypto market, but its competitors have been growing fast over the past few months.
According to a report published by Electric Capital in January, “Polkadot, Solana, NEAR, BSC, Avalanche, and Terra are growing faster than Ethereum did at similar points in its history.”
But despite appearing extremely successful on the outside, many of these rivals are beginning to experience problems that could spell disaster if they are not addressed soon.
Solana, one of the more popular Ethereum rivals that was often referred to as the “Ethereum killer” throughout 2021, recently lost USD 326 million after attackers took advantage of an exploit on Wormhole, which is a popular bridge between the Solana and Ethereum networks.
This exploit enabled hackers to steal over 120,000 wETH by tricking a series of smart contracts on Solana to digitally "sign" on an illicit transaction.
Unfortunately, this isn’t the first time that Solana has received bad press.
Over the past couple of months, Solana has been struggling heavily with congestion on its blockchain as it has become overloaded with outages. People are left to answer the question of whether or not this is progress.
Meanwhile, Cardano, a public blockchain platform designed to improve upon Ethereum’s current infrastructure, has been pulled into drama with two startup projects.
The leaders of CardStarter and SundaeSwap have been squabbling over a marketing agreement that has gone wrong. Each one is accusing the other of breaking promises and verbal commitment.
The conflict has got so out of control that Cardano
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