Is Ethereum [ETH] still the king of PoW networks? The answer might not be as straightforward as one might expect. Perhaps with a “yes, but…” and for good reason. Let’s explore why. On paper, Ethereum is still the leading PoS, according to multiple metrics. For example, it is the second-largest network/cryptocurrency by marketcap after Bitcoin [BTC]. Moreover, it also happened to be the leading network in terms of Total Value Locked. The latter is particularly important because it has been declining and might be overtaken soon.