The Ethereum network has received much criticism for the better part of the year because of high gas speeds, congestions and slow speeds. The network is working towards scalability by transitioning to a proof-of-stake consensus, but this has taken longer than expected. Hence, developers are looking towards blockchains that offer scalability.
The blockchain space is a very competitive one, and over the years, several networks have been developed, offering higher speeds and charging very low fees. These networks are dubbed “Ethereum killers”, as they can surpass the second-largest cryptocurrency.
Below are the best five Ethereum killers to consider buying in May 2023.
5 Best Ethereum-Killers To Buy:
- Avalanche (AVAX)
- Terra (LUNA)
- Solana (SOL)
- Polkadot (DOT)
- Hedera Hashgraph (HBAR)
Avalanche (AVAX)
At the top of the list, we have the Avalanche blockchain. Avalanche is one of the newest blockchains in the crypto space, but this has not prevented it from making major gains. The network offers high speeds and charges low fees of around $0.89, attractive to developers.
The perks of the Avalanche network has seen some projects choose it over Ethereum. Recently, Three Arrows Capital announced it would be moving from Ethereum to Avalanche. According to the CEO of Three Arrows Capital, leaving Ethereum was attributed to high gas fees, while Avalanche charged significantly low fees.
In just a few months of growing adoption, Avalanche has now stood as the fourth-largest blockchain in terms of total value locked (TVL). DeFi Llama shows that Avalanche’s TVL stands at $920 million at the time of writing. In August 2021, Avalanche’s TVL was around $337 million.
Because of the growth of the Avalanche blockchain, the AVAX has also rallied, and it now stands as the 16th largest cryptocurrency with a market cap of around $5.7 billion. This impeccable performance makes AVAX one of the tokens to buy in May 2023.
Read Our Avalanche (AVAX) Price Prediction here.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Terra (LUNA)
The other network that has also made major gains and stands as one of the strongest Ethereum Killers is Terra. The Terra blockchain is managed by Terraform labs, and because it supports smart contracts, it allows developers to build DeFi projects on the platform.
The Terra blockchain has recorded much adoption in recent months. In fact, the growing use of the blockchain’s smart contracts has led to LUNA making notable gains despite the recession across the market.
Read Our Terra (LUNA) Price Prediction here.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Solana (SOL)
The other potential Ethereum killer on this list is Solana.
Solana has gained growing adoption this year because it is the fastest blockchain. Because of its ability to process 60,000 transactions per second, the network has become preferable to developers looking for this kind of scalability.
The other advantage of Solana is the low gas fees that tally to around $0.001 per transaction. Due to this, it has seen adoption from both DeFi and non-fungible token (NFT) developers.
According to DeFi Llama, Solana's TVL is around $249 million. Some projects, such as Power Ledger, have migrated from Ethereum to Solana to take advantage of this scalability, hence being deemed an Ethereum killer.
Moreover, the SOL token is among those that have outperformed in 2021, and the trend is expected to spill over to 2023. SOL is currently the 11th-largest cryptocurrency with around $7.89 billion market capitalisation.
Read Our Solana (SOL) Price Prediction here.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Polkadot (DOT)
The other Ethereum killer on our list is Polkadot. Its blockchain was developed by one of Ethereum’s co-founders, with the sole purpose of offering scalability to developers in the blockchain space.
Polkadot uses newer technology, and it has a unique infrastructure that makes it superior to Ethereum. While it is yet to record the high level of adoption and use cases that Ethereum has, it has shown much potential of being one of the leading blockchains in the future.
One of the main strengths of Polkadot is parachains. Parachains are individual blockchains that will run parallel to Polkadot and allow developers to have some sort of independence. Parachains offer the same concept as sharding in that they seek to boost speeds and scalability.
The first set of Polkadot’s parachains was unveiled in late December 2021, where five DeFi projects won slots to develop their projects on these parallel blockchains. The parachains slots auctions will run until March next year; hence, DOT could register immense gains.
Polkadot currently has a market capitalisation of $7.25 billion, making it the 12th-largest cryptocurrency by this metric. This cryptocurrency is up more than 220% in 2021, and this is expected to continue in 2023, making it one of the best Ethereum killers to buy in May 2023.
Read Our Polkado (DOT) Price Prediction here.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Hedera Hashgraph (HBAR)
The fifth Ethereum killer to consider buying in May 2023 is Hedera Hashgraph. This is one of the largest blockchain projects in the market, with a keen interest in institutional investors.
Unlike Ethereum, the Hedera Hashgraph blockchain offers high speeds, as it can process around 10,000 transactions per second. The project also derives its strength from notable technology companies such as IBM, Google, Standard bank, Boeing, LG, Nomura, etc.
Over the past year, the price of HBAR has increased by over 700%. The coin is currently ranking as the 31th largest cryptocurrency in the market with over $1.98 billion market capitalisation.
Hedera has also ventured into the metaverse, further triggering interest in the coin. Its use of Hashgraph technology is believed to be a game-changer in the crypto space, making it an ideal investment for May 2023.
Read Our Hedera Hashgraph (HBAR) Price Prediction here.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Conclusion
Ethereum is in the process of switching to a proof-of-stake consensus, which could see the network finally solving the issue of high gas fees and slow speeds. However, the network faces much competition from blockchains that are already scalable. These blockchains are deemed to be Ethereum killers, with analysts predicting that they could surpass Ethereum in the future because they offer scalability.
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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.