Is Ethereum Dead? Trends and Technology Shifts

In 2024, the vitality of Ethereum has sparked widespread curiosity in the digital currency sphere. Many ask, “Is Ethereum Dead?” or “is the Ethereum blockchain dead?”.

These questions might surprise many because Ethereum has been a key player in the blockchain realm since its start. It has pioneered smart contracts and decentralized applications (DApps).

Is it possible for such a significant blockchain player to be in decline?

Let’s examine the status of Ethereum, the second-largest cryptocurrency by market capitalization.

Ethereum’s Performance in 2024

Let’s tackle its performance before we answer the question:

  • Market Capitalization: Ethereum ranks as the second-largest cryptocurrency in the market, emphasizing its importance to users and investors.
  • Active Developers: Ethereum has the largest community of active developers in the cryptocurrency space, showcasing its dynamic ecosystem.
  • Decentralized Finance (DeFi): Ethereum leads in DeFi projects, capturing 58% of DeFi liquidity in its ecosystem.
  • Network Upgrades: Ethereum has recently shifted from Proof of Work to Proof of Stake, significantly boosting its scalability.
  • NFT Sales: Ethereum dominates the NFT market, conducting most transactions and significant sales, accounting for over 70% of the ecosystem’s trading volume.

The future outlook for Ethereum is both promising and uncertain. Ethereum 2.0 plans to tackle scalability and energy issues, potentially enhancing its capabilities and drawing more users and developers. 

Ethereum Shift From POW TO POS

In 2022, Ethereum made a significant shift by transitioning from Proof-of-Work (PoW) to Proof-of-Stake (PoS), introducing what is now known as Ethereum 2.0. This change involved merging with the Beacon Chain, a PoS-based blockchain.

This shift brought about important improvements in Ethereum’s functionality, security, and environmental sustainability. PoS resolves some of PoW’s key challenges, such as:

  • Reduced Energy Consumption
  • Lower Hardware Requirements
  • Increased Scalability

Will ‘Ethereum Killers’ Beat Ethereum? 


For years, many experts have touted the emergence of alternative blockchains, often dubbed ‘Ethereum killers,’ promising lower fees and faster transaction speeds.

Despite these claims, Ethereum maintains its dominance as the premier blockchain for smart contracts, surpassing cheaper and more scalable alternatives that have existed for years.

Ethereum’s enduring supremacy likely stems from its first-mover advantage, the pioneer blockchain to support smart contracts, attracting a substantial user base and developer community early on.

Some experts foresee a future where Ethereum coexists with these ‘Ethereum killers.’

For example, Chris Dixon, a general partner at the venture capital firm Andreessen Horowitz, envisions a multi-blockchain landscape where various smart contract blockchains serve different purposes.

He suggests that certain blockchains could specialize in areas such as cryptocurrency games, which often require higher transaction speeds.

Is Ethereum Still a Good Investment?

The collapse of exchanges like FTX and Voyager triggered a crash in the crypto market, but the core promise of cryptocurrencies remains intact.

If the market for decentralized applications built on Ethereum’s smart contracts keeps growing, ETH’s value will likely increase. 

Predicting Ethereum’s success over the next decade is challenging, yet the blockchain has weathered several market crashes. Today, Ethereum supports thousands of applications, including DeFi protocols, NFTs, cryptocurrency games, and Decentralized Autonomous Organizations (DAOs).


In 2024, Ethereum is drawing significant attention due to its shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS). This transition will spur fundamental growth and attract more investment than Bitcoin. 

Market analysts also anticipate the launch of an Ether ETF following a Bitcoin ETF, which would provide a better platform for building dApps on Ethereum and including them within ETFs.

Alongside the Bitcoin halving event and strong optimism for ETFs, experts predict a money flow cycle that will boost market capitalizations, especially Ethereum. 

Bitwise’s 2024 projections indicate Ethereum’s potential to emerge as one of the fastest-growing technology platforms worldwide. Experts anticipate a doubling of fees from $2.3 billion in 2023, driven by the mainstream adoption of crypto applications, fueling this swift expansion.

Frequently Asked Questions About Ethereum (FAQs)

Why Ethereum Could Dip Below $1K?

#1 How Does Ethereum Tackle Scalability Concerns?

Ethereum 2.0, an upcoming upgrade, targets scalability issues by introducing sharding and switching to a Proof-of-Stake consensus mechanism.

#2 Who are Ethereum’s Main Competitors in the Market?

Competing with Ethereum, platforms like Polkadot, Cardano and Binance Smart Chain provide alternative solutions, gaining popularity among developers.

#3 How does the Regulatory Environment Affect Ethereum

Regulatory changes can influence Ethereum’s adoption and growth. Investors need to keep up with the regulatory landscape and evaluate the risks linked to compliance.

#4 Is Crypto Dead?

Amid the criticism, regulatory hurdles and technological challenges, one thing stands out: the resilience of crypto. Blockchain, the fundamental technology behind most cryptocurrencies, has tangible applications across various industries. This real-world usability ensures that its underlying value remains intact even when crypto faces downturns.

#5 Is Ethereum Mining Dead?

Ether is the Ethereum blockchain’s native token. It used to be mineable, but mining was removed in 2022.

You might also like
Leave A Reply

Your email address will not be published.