• Ethereum is the leader among Layer-1 blockchains, boasting $32.1 billion in total value locked (TVL) on its chain and hosting 3,578 crypto tokens.
• BNB Chain and Avalanche are far behind in second and third place, respectively, with 2,992 cryptocurrencies and a TVL of $5.1 billion; 343 cryptocurrencies with a TVL of $865 million respectively.
• Ethereum’s dominance stems from its first-mover advantage and strong developer community, while BNB Chain benefits from low fees and compatibility with the Ethereum Virtual Machine (EVM), and Avalanche emphasizes scalability and transaction speeds.
Ethereum Dominates L1s
Ethereum remains the top Layer-1 ecosystem by Total Value Locked (TVL) and token count. With over $32.1 billion in TVL and 3,578 crypto tokens hosted on its chain, it has established itself as the undisputed leader among Layer-1 blockchains due to its first-mover advantage coupled with a strong developer community.
BNB Chain Following Closely Behind
BNB Chain is the second most popular L1 cryptocurrency according to CoinGecko’s latest report. It boasts 2,992 cryptocurrencies and a TVL of $5.1 billion on its chain thanks to low fees and compatibility with the Ethereum Virtual Machine (EVM). Although critics question whether or not Binance retains control over the chain thus preventing truly decentralized applications from being powered by it.
Avalanche Comes Third
Avalanche created by Ava Labs holds third position in popularity among Layer 1s according to CoinGecko’s report with 343 cryptocurrencies on its chain having a combined TVL of $865 million . It emphasizes scalability & transaction speeds while offering smart contract functionality & EVM compatibility enabling dApp development & NFT creation for users looking for alternatives to Ethereum platform .
Conclusion
Overall , Ethereum remains an undisputed king among Layer 1s owing to its first mover advantage which enabled it to cement its dominance . BNB Chain & Avalanche follow closely behind but yet remain far behind when compared side by side . The layer one blockchain ecosystem continues evolving at a rapid pace yet there’s no sign of disruption anytime soon as all three platforms offer their own advantages & benefits which have made them popular amongst users alike .
References
Tweet by CoinGecko – https://twitter.com/coingecko/status/1383284626975254529
