Long story short, the Ethereum blockchain is the foundation and home of most blockchain activity today due to its superior security. The race to help Ethereum scale is on-going, and some of the best projects working on this will be included down the list. This is an issue for many retail traders, however, who are priced out of using Ethereum. High fees are not a signal of weakness, but of strong demand. The fees are based solely on supply and demand for space on Ethereum's computer (blockchain) at any given moment. Ethereum's security is highly valued by the market, as is evident with Ethereum's high fees. This keeps the blockchain decentralized (more difficult to takeover) and therefore secure.
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Space on Ethereum's computer is limited in order to make sure that all of the miners can keep a full record without needing to purchase their own personal data center. By adding a computer to a blockchain, you can create blockchain based applications (like new tokens, NFTs, lending markets, exchanges and more).
The difference between Bitcoin and Ethereum is simple: Bitcoin is a ledger – Ethereum is a ledger plus a computer.
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In reality, smart contract is a simple term for any piece of code that runs on a blockchain. Smart contracts are also a misnomer, as they do not need to be smart or contracts at all. Since Ethereum was released in 2015, the majority of cryptocurrencies were created using Ethereum smart contracts.
It's hard imagine the crypto space without Ethereum. Don't worry, this doesn't change Bitcoin's ability to store value, but newer products can do more than just store value. This trend could result in a smart contract blockchain surpassing Bitcoin as the big dog in the space. The rise of smart contracts and new DeFi products have continued to weaken Bitcoin’s cryptocurrency market cap dominance. The modern market for crypto continues to expand. This means that the Uniswap cannot be shut down by the company or a central government, a benefit that many users are willing to pay higher transaction fees for. On the other hand, Uniswap is a Web3 exchange protocol (think HTTP) that operates entirely on-chain. For example, Coinbase is a web2 exchange that operates based on the goals of the company. Web3 is any application that integrates blockchain within their product. Powered by smart contract blockchains like Ethereum and Solana, new "Web3" apps are being created every day.
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