Grayscale wrote in his report that Ethereum (ETH) is the same as New York City, broad, costly, and crowded in some areas. Although, it also presents one of the richest ecosystem apps.
Grayscale manager of Digital assets in his published report about smart contract platform compares Ethereum blockchain as best and worst places of the New York City.
This report analyzes the smart contract of granddaddy network ETH comparing it with new competitive blockchains like Cardano (ADA), Stellar (XLM), Solana (SOL), Polkadot (DOT), and Avalanche (AVAX). The report was released as a consequence of a company launched crypto fund devoted to smart contract platforms except for Ethereum (ETH).
In its part which title is “digital cities” Grayscale examines Solana, Avalanche, and Ethereum. The company made a comparison of Ethereum with big Apple, observing that both have similar issues caused due to their built.
Ethereum (ETH) is the same as New York City, broad, costly, and crowded in some areas. Although, it also presents one of the richest ecosystem apps with more than 500 applications that controls a total value above $100 billion which is 10 times bigger than any other competitive network.
Developers and users are comfortable that ETH will continue to be a balancing force for apps development and financial resources because of its community size and the capital amount involved in the smart contracts of the network.
The company further suggested that the users who are moving to competitive blockchains are the same as moving to the inexpensive city because of the higher gas charges and crowded network of Ethereum due to the enormous demand for decentralized financing (DeFi) services and non-fungible tokens (NFTs) in the last two years.
As ETH per transaction fee eclipses $10, smart contract platforms such as Avalanche, Algorand, Solana, and Stellar are experiencing significant growth in their on-chain counts of transactions on daily basis, as per the report.
Grayscale explained that Solana is like the city of Los Angeles whose network is distinct in structure which is speedy and focuses on different types of use cases like order books of on-chain like Mango Markets where fast speed transactions are needed with lower fees to operate.