Ethereum Faces ‘Unprecedented Challenges’ According to Galaxy

Ethereum Faces Unprecedented Challenges from Alternative Layer-1 Networks in 2024, Says Galaxy Digital Report

Ethereum, the world’s second-largest cryptocurrency by market cap, is set to face “unprecedented challenges” in 2024 from alternative layer-1 networks, according to a report by Galaxy Digital, the crypto bank founded by Mike Novogratz. The report, titled “Watch This Space,” highlights the emergence of other networks like Solana and Celestia, which offer increased flexibility to cater to diverse user needs in areas such as privacy, cost, security, and compliance. Galaxy Digital analysts believe that 2024 will be a crucial year for Ethereum as it competes with these new networks.