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Ethereum’s once-uncontested dominance among layer-1 blockchain networks is fading, creating an ‘open race’ for Web3 leadership, says Nansen CEO Alex Svanevik. The shift signals a more competitive landscape in decentralized finance (DeFi) and blockchain infrastructure.
- Ethereum's TVL dominance has dropped to 51% ($52B) as L1 rivals gain traction.
- Nansen's CEO cites a shift from Ethereum's near-monopoly to a multi-chain Web3 future.
- The 'open race' reflects growing competition in DeFi infrastructure and blockchain utility.
📎 Related coverage from: cointelegraph.com