On the back of the incredible DeFi market growth, a greater appetite for the requirement of secure, faster, and scalable applications peaks. Meanwhile, ecosystems such as Solana, Polkadot, and others strive hard to become a better alternative to Ethereum. However, the latest makeover to Bitcoin would become a threat to the growth of the aforementioned blockchains including Ethereum.
The year 2021 has commenced with a bull market that has seen a phenomenal rally of the market leaders. Bitcoin has got nothing on its bag, yet it has surged by more than 100% over the year. And other altcoins with superior fundamentals have underperformed it with notable gains. While the star crypto is set to deliver the robust upgrade by late November, it would become a major threat to other blockchains.
Bitcoin To Drag The Masses From Ethereum and Other DeFi Platforms?
While Bitcoin’s taproot upgrade is around the corner, the growth of other blockchains would be under a serious threat. Taking into note that the latest makeover to the flagship asset shifts gears to the enhanced privacy and cheaper transaction fees compared to other blockchains. Further, the upgrade would enable the better anonymity programmed for fixed party smart contracts.
On the other hand, traders seen migrating from Ethereum to other blockchains such as Solana, Polkadot, Cardano, and others. Citing the higher gas fees and slow transaction speed on the second most valued network.
However, Bitcoin holds the total market cap worth $1.19 trillion with no significant upgrades over the decade. In the meantime, the star altcoin claims a $543 billion market cap with perpetual upgrades. Once the update goes live, it would give other blockchains a tough nut to crack and glitter. Further, more migration may be on the cards for Ethereum, if it fails to fix the existing glitches related to high fees and terrible transaction speed.
Collectively, the majority of the influencers and netizens favor Ethereum in contrast to Bitcoin’s growth. Impressively, though the star altcoin has outperformed the flagship asset with
26% and 22% gains in Q2 and Q3 of 2021, the taproot upgrade would shuffle the cards.