Ethereum Saw 85% Growth in 2023
Ethereum’s market cap increased by 85% in 2023, but it slightly underperforms compared to other major blockchain assets.
The platform’s Layer 1 (L1) scalability issues and high transaction fees have hindered its DeFi ecosystem’s growth potential.
Despite being the leading platform for decentralized applications, Ethereum’s inability to efficiently scale has led to exorbitant fees and slower transaction times, causing frustration for developers and users.
The scaling issue is significant for Ethereum’s prospects, as it risks losing its pioneering status in DeFi to more agile competitors.
The race is on for Ethereum to deliver on its scaling promises, as market cap alone is not a sufficient indicator of its long-term viability in an increasingly competitive landscape.
(With inputs from Shikha Singh)
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