In a couple of months, Ethereum should fully deploy its Proof-of-Stake (PoS) capabilities with “The Merge”. The network continues to dominate the decentralized finance (DeFi) and non-fungible token (NFT) sector, some of the most important innovative trends in the crypto industry.
At the time of writing, Ethereum trades at $3,200 with a 6% loss in the last 24-hours.
ETH’s spot as the blockchain holding popular sector continues to be put into questioning as the “Ethereum Killers” gain market share. Cosmos and its ecosystem have been attracting attention as Terra and Osmosis become more popular.
Recent data posted by monitor Token Terminal suggest Ethereum’s daily protocol revenue has been migrating towards Terra (LUNA) and Avalanche (AVAX). As seen below, this metric saw an increment back in October 2021.
ETH’s daily protocol revenue peaked in November that year and began a downside trend from around $80 million to below $20 million. Token Terminal noted the following on this trend and the impact of the upcoming “Merge” on stopping it:
And the past 90 days the rate of change in revenues is also slowing. AVAX, Luna and some other protocols are taking market share! The merger may flip this trend.
In that sense, Token Terminal wonders if Cosmos could become the fastest growing blockchain and outperform Ethereum on these terms. In favor of…