The power of the network effect

Many of the alternative layer-1 blockchains have led a ton of new users to DeFi in the past year, and the market has reflected that user growth directly in each project’s price appreciation.
Source: Etherscan, Snowtrace, Tradingview

Since August 2021, Fantom and Avalanche is up ~17x and 15x against Ethereum, respectively—20x if you measure from their lows in January of 2021.

This is largely due to the growing popularity of both NFTs and DeFi, combined with the growing congestion and high transaction fees on Ethereum—the biggest blockchain for both activities.

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