Ethereum News Today: Ethereum Surges 60% on EVM Adoption, Institutional Inflows Defy Competition

Jeff Garzik, co-founder of Hemi Network and early Bitcoin developer, has reiterated Ethereum’s long-term dominance despite rising competition from emerging blockchains such as Solana, Sui, and Aptos. Garzik attributes Ethereum’s resilience to the widespread adoption of its Ethereum Virtual Machine (EVM) technology, which underpins smart contracts across multiple ecosystems, including layer-2 solutions like Arbitrum and Polygon. He argues that EVM compatibility has created a robust foundation for programmable finance, making it difficult for newer chains to replicate Ethereum’s ecosystem depth and longevity [1].

Ethereum’s price has surged over 60% in the past month, reaching above $3,800, signaling renewed investor confidence. Garzik highlighted that institutional inflows and treasury acquisitions have further solidified Ethereum’s market position. Recent data shows spot Ethereum ETFs attracted $2.12 billion in inflows, nearly doubling previous records and surpassing Bitcoin ETF flows. Treasury companies such as Bitmine Immersion Technologies and SharpLink have also expanded their ETH holdings by billions, underscoring institutional support for the asset [1].

While newer blockchains emphasize speed and novel programming languages, Garzik cautions that many lack the stability and track record of Ethereum. He compares emerging projects to “early Microsoft browser issues,” suggesting that despite innovative features, they struggle to match Ethereum’s reliability. Blockchains like Solana, which prioritize high-speed transactions, face challenges in proving long-term viability compared to Ethereum’s established developer community and mature infrastructure [1].

Garzik’s Hemi Network, a layer-2 solution compatible with both Bitcoin and Ethereum, leverages EVM technology to enhance interoperability and scalability. This approach exemplifies how Ethereum’s architecture continues to influence innovations, reinforcing its central role in the crypto ecosystem. The EVM’s standardization allows developers to build cross-chain applications, fostering a vast network of decentralized finance (DeFi) and non-fungible token (NFT) platforms [1].

The analyst forecasts Ethereum’s dominance to persist as institutional adoption and technological advancements align with its strengths. Garzik envisions Ethereum and Bitcoin as the “foundational pillars” of the crypto economy, driven by their proven track records and widespread integration. While competitors may introduce novel features, Ethereum’s ecosystem maturity and EVM compatibility remain critical barriers to displacement [1].

Source: [1] [Ethereum’s Long-Term Prospects Seen as Strong Despite Competition from Emerging Blockchains] [https://en.coinotag.com/ethereums-long-term-prospects-seen-as-strong-despite-competition-from-emerging-blockchains/]