As merchants and developers continue to use Ethereum [ETH] network alternatives that enable quicker transaction speeds and cheaper costs, competition among layer-one (L1) smart contract platforms have risen in recent months.
According to new research by Delphi Digital, the price of Ether has remained relatively stable over the previous month, despite competitors like Solana (SOL) and Fantom (FTM) seeing their values jump by more than 200 percent.
The relative efficiency of L1 tokens during the previous 30 days. This information comes from Delphi Digital.
One of the reasons for the rallies in Fantom (FTM), Avalanche (AVAX), and Terra (TERA) is that each has launched a wide variety of multi-million dollar fundraising campaigns targeted at attracting builders, traders, and fresh liquidity to their ecosystems (LUNA).
These actions have resulted in a flurry of recent exercise and cross-chain transfers from the Ethereum community to layer-1 jobs, with Solana reaping the lion’s share of the rewards thus far.
Individual apps on different blockchains have seen the biggest rise in terms of TVL over the previous seven days, with the value locked on the Avalanche-based Trader Joe DeFi protocol growing by 57 percent.
Layer-2 Platform Fuel Consumption Has Improved
Ethereum’s layer-one competitors aren’t the only ones that have seen an uptick in activity in recent months. As a result of the launch of a number of new layer-two solutions and an airdrop by the decentralized derivatives change dYdX, fuel consumption by layer-two protocols has grown (DYDX).
As a proportion of total fuel, layer two spends more than layer one. This information comes from Delphi Digital.
The percentage of fuel utilized by layer-two solutions has already climbed above 1%, according to Delphi Digital statistics, after peaking at 2% in early September.
The DYdX protocol was one of the first to adopt layer-two technology thanks to a collaboration with Starkware, and the protocol has seen a surge in activity in recent weeks following the release of its DYDX governance token, which was airdropped on Sept. 8 to customers who had previously used the protocol.