Analysts at the giant multinational investment bank, including the Managing Director – Nikolaos Panigirtzoglou – noted that Ethereum is gradually losing its dominance in the Decentralized Finance (DeFi) ecosystem.
Numerous cryptocurrency protocols such as Terra, Avalanche, and Solana have emerged as strong competitors in 2021. As such, Ethereum’s supremacy is at risk of being further eroded in the ongoing year, the experts added.
Still N1 But Losing Its Domination
Citing Nikolaos Panigirtzoglou, as well as other analysts at JPMorgan Chase & Co., Bloomberg reported that Ethereum currently accounts for nearly 65% of DeFi’s market share. However, the protocol is gradually losing its dominance, as at the beginning of 2021, it was almost 100%.
Ethereum’s share in DeFi, Source: defillama.com
The experts opined that Ethereum will gain steam again only when the final phase of Sharding – the “most critical” development for scaling the ETH network – gets completed in 2023.
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