Ethereum’s dominance in the crypto world is facing challenges as the competition among layer-1 (L1) blockchain networks heats up in India. According to Alex Svanevik, CEO of Nansen, Ethereum’s relative dominance has decreased, signaling an “open race” to establish the top Web3 platform. Despite still being the most popular L1 network with $52 billion in total value locked (TVL), Ethereum’s dominance has waned significantly since 2021 when it controlled 96% of TVL. Svanevik highlighted the emergence of other L1 networks as contenders for the leading position in the industry, with Solana standing out as a strong competitor. Solana, known for its faster transactions and lower fees compared to Ethereum, has shown remarkable growth and is poised to challenge Ethereum’s position. The LONGITUDE by Cointelegraph event in Dubai brought together experts to discuss these shifts in the crypto landscape, emphasizing the rise of Solana and the fierce competition among various L1 networks. As the market evolves, the focus is on sustainable adoption rather than short-term hype to determine the true leaders in the Web3 space. Stay updated on the latest trends and developments in the blockchain industry with Cointelegraph’s LONGITUDE event series, where industry leaders share insights and perspectives on the future of cryptocurrencies and blockchain technology in India.