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SOL Ethereum: The vacillation of industry standards and emerging challenges
Many financial experts view Ethereum as the industry standard for the commercial adoption of blockchain technology. However, Shark Tank investor Kevin O'Leary said today that blockchain may no longer retain this status in the future. He revealed this view at the Avalanche Summit and pointed out strong competitors that may replace Ethereum for on-chain applications in the near future.
Since its launch in 2015, Ethereum has grown into the largest decentralized application (dApps) protocol platform, supporting millions of digital business tools, DeFi use cases, and tokenized real-world assets (RWAs). The network currently accounts for 54% of the DeFi market, demonstrating its position as the core of digital infrastructure. 
Why Ethereum may not be the only criterion: O'Reilly's view
Despite the dominance of the Ethereum network, O'Reilly no longer believes that all industries will be built around Ethereum. Speaking at the Avalanche Summit, the well-known investor admitted that his previous judgment that Ethereum would become a standard blockchain network was wrong. He pointed out that as different industries assess the capabilities of individual blockchains, he doubts whether Ethereum's speed is enough to maintain its control over future demand.
O'Reilly named public chains such as SOL and AVAX as alternatives to Ethereum's slow network. For the past decade or so, Ethereum has been the backbone of smart contracts and decentralized applications. However, new public chains are gaining increasing attention and being recognized as top competitors. O'Reilly pointed out that some of these public chains have surpassed Ethereum in key areas. While the network still benefits from a first-mover advantage, its long-term sustainability has also raised questions as competition intensifies.
Scalable public chains bring competitive pressure to Ethereum
Ethereum has always been the leading public chain in smart contracts and decentralized applications. However, its scalability issues and broader and fierce market competition have paved the way for other agreements to counter its influence.
New projects such as SOL, AVAX, BNB, ADA and DOT provide better scalability, lower costs and faster transaction speeds. These factors make them the preferred network of users, potentially surpassing the importance of Ethereum. For investors seeking to diversify their portfolios, these alternatives to Ethereum offer promising opportunities in the NFT, DeFi and decentralized applications sectors.
