Part 9/14:
- Conversely, Ethereum (ETH) faced weaker performance, with declines in some metrics, underscoring a rotation of capital toward other chains.
Layer 2s like Arbitrum are losing TVL to Solana—about 48% of activity moving into Solana—indicating shifting developer and user interests. Other chains like Optimism and Base also show activity shifts.
Chain Market Share: Concerns and Opportunities
Chainlink (LINK) experiences competitive pressure from emerging or competing oracle solutions such as Pith, which is gaining significant traction—about one-third of the market share that LINK commands. The analyst believes Pith could capture a sizeable chunk of the market in 2024, given its product-market fit and early adoption.