{"id":15981,"date":"2022-12-30T21:26:11","date_gmt":"2022-12-30T21:26:11","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ethereum-killers-managed-to-kill-themselves-in-2022-rather-than-beat-the-smart-contract-economys-heavyweight-champ-altcoins-bitcoin-news\/"},"modified":"2022-12-30T21:26:11","modified_gmt":"2022-12-30T21:26:11","slug":"ethereum-killers-managed-to-kill-themselves-in-2022-rather-than-beat-the-smart-contract-economys-heavyweight-champ-altcoins-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ethereum-killers-managed-to-kill-themselves-in-2022-rather-than-beat-the-smart-contract-economys-heavyweight-champ-altcoins-bitcoin-news\/","title":{"rendered":"\u2018Ethereum Killers\u2019 Managed to \u2018Kill\u2019 Themselves in 2022 Rather Than Beat the Smart Contract Economy\u2019s Heavyweight Champ \u2013 Altcoins Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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At the end of 2021, a myriad of people thought a handful of smart contract platform tokens, often referred to as \u2018Ethereum killers,\u2019 would flip the second-largest crypto asset in terms of market capitalization in 2022. As 2022 comes to an end, statistics show that none of the so-called \u2018Ethereum killers\u2019 have surpassed the leading smart contract platform token, and a number of these tokens have lost considerable amounts of value during the crypto winter.<\/strong><\/p>\n

Ethereum Outperformed Its Competitors in terms of Market Cap, Decentralized Finance Action, and Non-Fungible Token Sales<\/h2>\n

On Dec. 23, 2021, the top smart contract platform coins held an overall valuation of around $823 billion<\/a> and at that time, ethereum\u2019s (ETH<\/a>) market capitalization represented 59.42% of the aggregate. Today, on Dec. 30, 2022<\/a>, the crypto economy\u2019s top smart contract platform coins are valued at $239 billion, and ETH<\/a>\u2019s market cap is roughly $144 billion. Data indicates that ETH<\/a>\u2019s market cap equates to 60.25% of the aggregate value of all the top smart contract platform tokens listed today.<\/p>\n

Last year, when the smart contract platform coin economy was a lot more valuable, many people thought ETH<\/a> could get \u2018flipped\u2019 by a bunch of \u2018Ethereum killers<\/a>.\u2019 Roughly a year ago, the publication Forkast published an editorial<\/a> called \u201cThe Top Five Ethereum Killers,\u201d and it included tokens like BNB<\/a>, solana (SOL), cardano (ADA<\/a>), avalanche (AVAX), and polkadot (DOT). While some of these coins were top ten contenders in Dec. 2021, only BNB<\/a> and ADA<\/a> remain, and Polygon (MATIC) recently entered the top ten standings.<\/p>\n

\"\u2018Ethereum
Statistics from defillama.com shows Ethereum (ETH<\/a>) dominated the decentralized finance (defi) industry in 2022. Cryptoslam.io metrics show Ethereum (ETH<\/a>) outpaced every other smart contract chain that produces non-fungible tokens (NFTs) in 2022. Ethereum also joined its competition in terms of a proof-of-stake consensus algorithm after the successful completion of The Merge on Sept. 15, 2022.<\/figcaption><\/figure>\n

On Dec. 24, 2021<\/a>, BNB<\/a> was exchanging hands for $547.12 per unit, and it was the second largest smart contract platform coin at the time. Today, it still is the second-largest smart contract platform token, but the digital currency\u2019s value has dropped 55.19% from the $547 price point recorded in Dec. 2021. Last year, solana (SOL) was the third largest smart contract platform token and over a year ago, it was trading for $189.43 per unit at the end of Dec. 2021. Today, SOL holds the seventh-largest smart contract coin market cap and SOL holds the 19th-largest capitalization in the entire crypto economy.<\/p>\n

\"\u2018Ethereum
Solana was once called an \u2018Ethereum killer\u2019 on a regular basis in 2021, and Solana supporters thought SOL could flip ETH<\/a> in 2022. SOL, however, has dealt with a lot of criticism about the project\u2019s associations with FTX and co-founder Sam Bankman-Fried. SOL has lost 96.2% from the crypto asset\u2019s all-time high and it was once the fifth-largest coin on Dec. 23, 2021. On Dec. 30, 2022, SOL is struggling to maintain the 19th largest crypto market cap position.<\/figcaption><\/figure>\n

Metrics show the smart contract coin SOL has lost 94.81% of its U.S. dollar value since Dec. 23, 2021. Cardano (ADA<\/a>) was the fourth-largest smart contract asset and on Dec. 23, 2021, and ADA<\/a> was trading for $1.48 per unit. ADA<\/a> also was the seventh-largest market cap in the entire crypto economy. Today, on Dec. 30, 2022, cardano is trading for $0.24 per coin, and it\u2019s moved down to the ninth largest market valuation. On Dec. 23, 2021, Terra\u2019s LUNA was the fifth largest smart contract coin at the time, and LUNA (now called LUNC) was trading for $93.24 per coin. LUNA was also the ninth-largest market cap in the entire crypto-economy during the last month of 2021.<\/p>\n

\"\u2018Ethereum
When Terra\u2019s stablecoin terrausd (UST) depegged from its $1 parity during the first week of May 2022, the blockchain\u2019s native token managed to lose 100% of its value. Last year, LUNA was trading for $93.24 per coin on Dec. 23, 2021, and today the crypto asset, which is now referred to as luna classic (LUNC), is trading for far less than a U.S. penny per unit.<\/figcaption><\/figure>\n

LUNA\u2019s price has been completely obliterated, and it is now down to $0.000140 per unit on Dec. 30, 2022. Polkadot (DOT) was the sixth largest smart contract token; today, it\u2019s moved up to the fifth position. However, last year DOT was the tenth largest crypto market cap, but DOT is now in the 13th largest position. At the time, DOT was trading for $29.39 per unit on Dec. 23, 2021, but today, DOT is down 85.30% and trading for $4.32 per coin. Avalanche (AVAX) was the seventh largest smart contract coin but today, AVAX now resides in the eighth position. On Dec. 23, 2021, AVAX exchanged hands for $121.88 per coin and on Dec. 30, 2022, it\u2019s down to $10.83 per unit.<\/p>\n

Lastly, polygon was the seventh largest smart contract coin last year but today, its now in the fourth largest top smart contract token position. Furthermore, polygon (MATIC) was in the 14th largest position overall in Dec. 2021 and today it has managed to enter the tenth position. MATIC was trading for $2.67 per coin last year and today, it\u2019s down to $0.75 per unit, which is a loss of around 71.91%. While none of the so-called \u2018Ethereum killers\u2019 managed to knock ETH<\/a> down a notch, ETH<\/a> has lost a bit of dominance since Dec. 23, 2021. At that time, ETH<\/a> dominance was around 19.5% and today, the second-leading crypto asset\u2019s dominance is down to 17.4%.<\/p>\n

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\nTags in this story
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Altcoin performances<\/a>, Altcoins<\/a>, Avalanche (AVAX)<\/a>, bnb<\/a>, cardano (ADA)<\/a>, crypto economy<\/a>, decentralized finance<\/a>, DeFi<\/a>, Dominance<\/a>, ETH dominance<\/a>, Ethereum<\/a>, ethereum killers<\/a>, flipped<\/a>, FTX associations<\/a>, Market Cap<\/a>, nft<\/a>, NFTs<\/a>, polkadot (DOT)<\/a>, Polygon (MATIC)<\/a>, sbf<\/a>, Smart Contract Coin dominance<\/a>, smart contract coins<\/a>, smart contract platform coin<\/a>, Solana (SOL)<\/a>, Terra<\/a>, terra (LUNA)<\/a>, Terra collapse<\/a>, UST depeg<\/a><\/div>\n<\/div>\n

What do you think about the so-called \u2018Ethereum killers\u2019 and their market performances in 2022? Let us know your thoughts about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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