Ethereum’s reign as the dominant layer-1 (L1) blockchain platform is facing a challenge, according to data from Cointelegraph. Alex Svanevik, CEO of Nansen, highlighted this shift during a panel discussion at LONGITUDE by Cointelegraph. Svanevik observed that Ethereum’s dominance in the crypto space was once expected, but today’s landscape reveals a different story with multiple L1 chains vying for top spot. Ethereum remains the most popular L1 network with $52 billion in total value locked (TVL), accounting for 51% of cryptocurrency on blockchain networks, according to DefiLlama data. However, this represents a significant decline from 2021 when Ethereum controlled as much as 96% of the aggregate TVL. Svanevik emphasizes the race is now open among various L1s to become the preferred platform for trading and broader blockchain applications. The emergence of numerous smaller chains and the possibility of five or six emerging as leading players mark a dynamic period in the blockchain sector. Notably, Solana (SOL) is emerging as a strong contender. Known for its faster transactions and lower fees compared to Ethereum, Solana has surpassed Ethereum in several on-chain metrics including active addresses, transaction volume, and gas fees, according to Svanevik. Despite Ethereum’s continued lead in TVL and stablecoin issuance, Solana’s rapid growth is noteworthy. Meanwhile, while some smaller L1 chains are gaining traction during specific bull markets driven by hype, new coins, and airdrops, others struggle with sustainable growth.