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Zero-knowledge virtual machines have the potential to revolutionize the portability of smart contracts, removing crypto’s last barrier to mass adoption. Very few projects have come close to matching the security and decentralization of the Ethereum network. However, the inherent overhead of maintaining these two critical features has left Ethereum burdened by low throughput and prohibitively high costs. As a result, alternative layer-1 blockchains (L1s) — which normally sacrifice security and decentralization to provide scale — have emerged to nip away at Ethereum’s market share. However, with Ethereum Virtual Machine (EVM)-equivalent scaling solutions bringing high throughput and low transaction fees to Ethereum itself, the question is: Do we really need these alternative L1 networks? Despite a rocky year for the industry, Ethereum is still as strong as ever The risks of sacrificing security and decentralization have been largely materialized with alternative L1s this year. These blo...