The ‘Ethereum Killers’ Failed to Overthrow the Smart Contract Economy Heavyweight Champion in 2022


At the end of 2021, it was believed that only a few smart contract platform tokens would be available. “Ethereum killers” were expected to become the second largest crypto asset by market capitalization in 2022. As the year 2022 comes to a close, statistics demonstrate that none of these so-called “Ethereum killers” were able to outperform the tokens on the leading smart contracts platform. Moreover, many of these tokens experienced a substantial decrease in value during crypto-winter.

Ethereum Outperformed Its Rivals in terms of market capitalization and decentralized financing stock, as well as non-fungible token sale

On December 23, 2021: The total worth of major smart contract platform coins was approximately $823 billion. At the time, ethereum (ETH)’s market capitalization was 59.42%. Today, on December 30, 2022: The top smart contract platform coins in crypto economy are valued at $239Billion. ETH’s total market capitalization, however, is approximately $144B. This data indicates that ETH’s total market capitalization is 60.25% for all smart contract platform tokens.

A year ago, Forkast Editorial published an article titled “Top Five Ethereum Killers”. It included tokens such as SOLANA (SOL), BNB, SOLANA(SOL), cardano (ADA), avalanche/AVAX and polkadot DOT. Some of these coins were amongst the top ten contenders. As of December 2021, only BNB and ADA remain. Polygon (MATIC), was recently promoted to the top 10.

Statistics from show that Ethereum was the most dominant industry in decentralized finance (DeFi) in 2022. Data from confirms this. Ethereum outperformed all other smart contract chains that do not produce tokens. Fungibles (NFTs) in 2022. Ethereum was also open to those chains that have a proof of stake consensus algorithm. This was after the successful merger on September 15, 2022.

On December 24, 2021: BNB traded at $547.12 a unit, making it the second most valuable smart contract platform token. Currently, it is the second most valuable smart contract platform token. However, since its $547 price point in 2012, the value of the digital currency has dropped by 55.19%. Last year, the third most popular smart contract platform token was “solana” (SOL). As of the end of 2021, it was sold at $189.43 per unit. Today, SOL has the 7th largest smart-contract market capitalization, and 19th largest capitalization in the crypto economy.

The 'Ethereum Killers' Managed to 'Commit Suicide' Themselves in 2022 Instead of Beating the Heavyweight Champion of the Smart Contract Economy
Solana, once known as “Ethereum killer”, was regularly discussed in 2021. Solana SOL supporters thought that SOL would overthrow ETH by 2022. SOL’s association with FTX has been criticized by Sam Bankman-Fried. SOL has seen a 96.2% reduction in value from its peak. SOL was at one time the fifth largest coin. As of December 23, 2021, it is the 19th largest cryptocurrency by market capitalization.

Since 2021, the SOL

It was not long ago that Terra’s Terrausd stablecoin (UST), was sold at $1 per token. But by the first week of May 2022, the blockchain-native asset had completely lost its value. The LUNA token, which had been trading at $93.24 a year ago, is now worth less than 1 UScent.

Polkadot (DOT), the sixth most popular smart contract token, has dropped from its 10th position in the crypto market capitalization last year to 13th today. DOT was trading at $29.39/unit back in December of 2021, but now it is worth $4.32 each.

Avalanche (AVAX), the seventh largest smart contract coin, has dropped from its 7th position in the crypto market cap to 8th. On December 23, 2021, AVAX was exchanged for $121.88 per coin and on December 30, 2022 it was at $10.83 per unit.

Finally, Polygon (MATIC) was the 14th most popular overall last year. Today, it is 4th in smart-contract token positions and 10th in the overall crypto market cap. MATIC was trading at $2.67/coin last year, but now it is worth $0.75/coin, a loss of around 71.91%.

Although these so-called “Ethereum killers” have slightly reduced ETH’s dominance, it still remains the second-leading cryptocurrency. On December 23, 2021, ETH’s dominance was 19.5%, while today it is 17.4%.

What do you think the future holds for smart contract tokens? Leave comments below to let us know your opinion.

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