- A digital investment mammoth, Pantera Capital, shows a positive outlook for Ethereum (ETH) rivals such as Near and Solana (SOL).
- Parul Veradittakit Pantera partner observes that Ethereum’s market share reduces space to its rival smart contract platforms. At the beginning of 2021, its total value locked (TVL) in decentralized finance (DeFi) was 97% which is now dropped to 63%
- It is expected that the Solana ecosystem will continue to grow, especially after the recent activity of the platform, including the launch of massive funds for social media and gaming.
Pantera Capital, a digital asset investment giant, in 2022 is giving a compelling outlook for Ethereum (ETH) competitors such as Solana (SOL) and Near.
Parul Veradittakit notes that the rival smart contract platforms are galloping Ethereum’s market share in its recent letters to investors. It accounts for 63% of the total value locked (TVL) in decentralized finance (DeFi), dropping from 97% at the beginning of 2021.
Due to the growing number of projects in its ecosystem, Solana (SOL), whose objective is to become a cheaper and faster alternative to Ethereum, is ready to expand in 2022, believe Veradittakit.
Solana, which provides unparalleled transaction throughput, witnessed a great year in 2021. It hit the mark of $15 billion and reached a peak price of $260 in November from when it started in April 2020.
The latest activity in the Solana community, such as the release of massive funds for gaming and social media, points toward the fact that the ecosystem will rise exponentially in the upcoming years.
Veradittakit also said that Near, which in April released the Rainbow Bridge that facilitates the transfer of digital assets among blockchains, is ready for booming growth.
Bridges Such As Near’s Rainbow bridge Can Assist In Growth Of Non-Ethereum Ecosystems
Bridges like Near’s Rainbow bridge that enable interoperability between various networks will further increase the growth of non-Ethereum ecosystems by allowing easier composability of digital assets and expanding access to liquidity.
Ethereum virtual machine (EVM) platforms such as Aurora on NEAR also facilitate the Ethereum-based DApps (decentralized apps) to launch on other chains to magnify cross-chain engagement within DeFi.
At the time of writing, Solana stands at $83.09; meanwhile, Near is equivalent to $9.94. On the other hand, Ethereum is valued at $2,240.56.
