It should be noted that there are plenty of different networks in the cryptocurrency world today, and there is indeed competition between them. For example, in terms of trading volumes of NFT tokens, the leader right now is Etherium, while Solana comes in second place. The ranking of projects by this indicator looks like this.

Blockchain ranking in terms of NFT-token trading volume

In ninth place here is Avalanche. Although this network is not that popular for NFT tokens, it is actively used by game developers. Among the latest examples of such games is SHRAPNEL, based on Unreal Engine 5. Here is its trailer.

So modern blockchains are actively developing and essentially competing with each other.

What the future holds for cryptocurrencies

The Fantom network’s native token with the ticker FTM from Kong reached its all-time high at the end of October last year – then the price of FTM rose to the $3.46 level. At the same time, it is down 93.6 per cent by today.

FTM exchange rate since the beginning of 2021

This isn’t necessarily a sign that the token itself is in any way bad – yet a huge number of other coins are performing similarly in terms of profitability. That said, there is still competition between them, which Kong sees as a positive for the market as a whole. Here is his point of view.

Competition is good because it gives us better results and better technology.

Accordingly, there is a silver lining in the current diversity of popular networks, as developers of each one need to make an effort to stand out and attract users.

That is, in the future, “there is definitely a chance for a number of crypto projects to survive.” The expert continues.

I don’t think we will have 20 or 30 different big blockchains in the future. There will only be a few, and I think they will get a big market share. People are using several different blockchains. That is how it is today and that is how it will be in the future.

Capitalisation share of the most popular cryptocurrencies

As a reminder, Fantom is a Tier 1 blockchain that is positioned as an alternative to the high cost and low transaction speeds of other blockchains, with Fantom most often considered a major competitor to Etherium. At the same time, on 15 September 2022, the Etherium network completed its long-awaited transition from the energy-intensive Proof-of-Work (PoW) consensus algorithm to the more environmentally friendly Proof-of-Stake (PoS) algorithm.

Since then, the ETH exchange rate has fallen by about 32 per cent. Kong believes that many in the altcoin fan community don’t quite understand what the switch from PoW to PoS means. Here’s his rejoinder, cited by Decrypt.

I think a lot of people mistakenly expected that the Ethereum merger would significantly increase network bandwidth or make the project much more scalable. But Ethereum Foundation representatives have repeatedly stated that the purpose of the merger is mainly to get rid of PoW mining.

Indeed, increasing Ethereum's bandwidth requires the introduction of so-called sharding. It involves splitting the overall network into several separate chains - shards - that will not depend on each other. At the initial stage of development, 64 shards are planned for the blockchain, which would allow the network to conduct 64 times as many transactions per second.

Etherium exchange rate from the beginning of September

In other words, the PoS transition event itself has received too much hype. It was highly anticipated, and since traders didn’t see a noticeable price increase after the update, they started selling their ETH en masse. In addition, some had previously bought Etherium only to get altcoin forks coins, which are not yet showing serious returns given their exchange rate.

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After Eth’s move to PoS, it might seem that Fantom and other popular PoS projects like Solana or Avalanche will lose their main advantage in competing with Etherium in the form of cheap and fast transactions. However, Kong doesn’t think this is the case.

We still have a competitive advantage, at least for now, when it comes to our ability to process transactions asynchronously.

Note that even the introduction of sharding in the first phase will not allow Etherium to get to today's figures of the same Solana, which can and does already process thousands of transactions per second.

What worries the developer most is the troubling rhetoric from financial regulators.

I think the main negative factor at the moment is regulatory uncertainty. That is what scares a lot of people in the industry.

SEC chief Gary Gensler

Recall that not long ago, the SEC announced a possible precedent in a court case that allows all Etherium-based transactions to be considered as belonging to the jurisdiction of the United States. The reason for this is the abundance of nodes in the country. Overall, this is a worrying sign that regulators may be trying to “take over” certain areas of the crypto market.


We believe that a diversity of quality blockchains in the industry is indeed necessary. This allows users to choose more appropriate networks based on their own needs - for example, their desire to use native mobile projects. So the blockchains that are popular today will surely continue to evolve and capture market share. In addition, closer to the next bullrun, new promising projects will clearly emerge in the coin niche.


Will they actually succeed? Share your answer to the question in our Millionaire Cryptochat. Talk about mining along with steaming there as well.