JP Morgan’s Ethereum (ETH) Warning Could Have Huge Benefits for Polygon (MATIC) and Seesaw Protocol (SSW)

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Ethereum (ETH) is the second biggest cryptocurrency in the world by market cap, behind the behemoth that is Bitcoin (BTC). In 2021 ETH increased by over 500%, from USD 737 to USD 4891.7. This peak was achieved in November of 2021 and remains its all-time high. For a period of time, ETH enjoyed near-total dominance of the DeFi (Decentralised Finance) market. With the emergence of competitors like Solana (SOL), Polygon (MATIC), and Fantom (FTM), this dominance has slid from 98% to around 80%. 

Ethereum has endured a less than ideal start to 2022 and has dipped by more than 40% since its peak. To add insult to injury, JP Morgan have issued a warning to Ethereum. It could be a warning to heed, given the prominence of JP Morgan in the world of investment and finance. To ETH’s competitors, it could spell the start of a more even market share. Seesaw Protocol (SSW), a DeFi project has just launched last week.

JP Morgan is a world-renowned leader in financial services, and their warning to Ethereum has already made global headlines. Managing Director of JP Morgan, Nikolaos Panigirtzoglou, stated: “it looks like, similar to DeFi [Decentralised Finance] apps, congestion and high gas fees has been inducing NFT applications to use other blockchains…If the loss of its [Ethereum's] NFT share starts looking more sustained in 2022, that would become a bigger problem for Ethereum's valuation.” 

ETH’s major issue is the high gas fees that often plague its users, and creator Vitalik Buterin is looking for solutions. The long-awaited release of ETH 2.0 should solve many of the scalability issues, as well as prove to be more sustainable. Ethereum’s