During the blockchain 1.0 period, blockchain applications started to develop rapidly through Bitcoin. While the stage of blockchain only supports the transfer between cryptocurrencies, such a single application scenario leads to less popularity. Therefore smart contracts came into being.
The combination of smart contracts and blockchain expanded the application scenario of blockchain, entering the 2.0 stage with Etherum as an excellent representative. Most DeFi projects (with a small number compared to today) were basically developed only on Ethereum due to its user-friendly development experience and mature network environment. Hence, Ethereum has led this industry of blockchain.
When comes to 2021, more strong competitors of Ethereum have shown up due to the following 3 reasons:
With the explosion of DeFi development since DeFi Summer in June 2020, more and more transaction activities happen on Ethereum.
The congestion problem of Ethereum is revealed and getting worse. The roaring i
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