A handful of layer-1 blockchains were touted to dethrone Ethereum from the top spot but failed to try this year. The ongoing and harsh bearish market conditions dampened their growth sending them to 2020 lows. Ethereum challengers did not overthrow ETH despite its slumping in price after the Merge in September 2022. They remained on the negative side posing no challenge to the dominance of Ethereum.
Here’s How ‘Ethereum Killers’ Performed in 2022
1. Solana: An ‘Ethereum Killer’
Solana was touted to be the first in line on the ‘Ethereum Killers’ list. However, SOL became the first to receive a heavy hammering in the indices during the FTX and Alameda fiasco. It fell from $39 to $12 in less than two weeks making investors fearful to take an entry position due to further slumps.
SOL’s lackluster performance stands nowhere close to ETH’s performance in the indices in 2022. Though ETH is on a downward spiral, it recovered in price after every slump.
PolkaDot boasts of ‘interoperability’ infrastructure that connects several blockchains into one network. The blockchains are enabled to exchange data from one network to the other without compromising safety and security measures.
Though PolkaDot bridged the gap and provided solutions to Ethereum’s shortcomings, DOT is unable to challenge Ethereum. DOT is on a steady downward pattern in 2022 and barely rallied in the indices. The bear markets could make its price slump further and this is not the time for PolkaDot to take on Ethereum.
Kadena was labeled an underdog that’s working its way up in the crypto market that could challenge Ethereum in the long run. The blockchain, which runs on Kuro, supports 8,000 transactions per second and is faster than its rival Ethereum, which runs less than 20 TPS, and Solana 2,000 TPS. Kadena stood out as a challenger for Ethereum, and investors poured in the money, making it jump to $27 in 2021.
However, KDA fell below the $1 mark in 2022 erasing all profits it generated since its lifetime. Therefore, no ‘Ethereum Killers’ were able to manage to remove Ethereum from its top spot in 2022.