JPMorgan Chase: ETH Square faces "stiff" competition from other Block chain networks

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PANews reported on February 7th that, according to CoinDesk, JPMorgan pointed out in its latest report that Ether (ETH) has recently performed less well than Bitcoin (BTC) and other competing chains, mainly due to its lack of market appeal similar to BTC's "digital gold" narrative, and facing fierce competition from blockchains like Solana. Despite the upgrades such as Dencun introduced by ETH, some of the Mainnet activities have been shifted to Layer 2, affecting its rise. The report mentioned that Decentralized applications (dApps) such as Uniswap are migrating to dedicated blockchains, which may weaken the Money Laundering revenue of ETH. In addition, intensified competition may lead to ETH inflation rise, as the decrease in transactions will drop the burning amount. Nevertheless, ETH still maintains its leadership in the stablecoin, Decentralized Finance, and asset tokenization fields, but competitive pressure is expected to persist.

ETH0.32%
BTC0.64%
SOL2.38%
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