Monero team introduced Tari, a decentralised assets protocol built on Monero which can compete with Ethereum

Tari cryptocurrency will allow users to create and trade digital assets on top of the privacy-oriented Monero network. Main developers in Tari, lead by Monero maintainer Riccardo Spagni, Naveen Jain, and Dan Teree already decided to use Rust programming language to build Tari protocol software. Project reacieved financial support from different venture capital firms including Trinity Ventures, Pantera Capital, Blockchain Capital, and Canaan Partners.

According Monero subreddit:

“What is Tari? Tari is a decentralised assets protocol that is going to be built on top of Monero. Think of it as something like coloured coins or CounterParty, but for Monero and a lot more scalable (ie. not using an embedded consensus mechanism).”