Rob Haddick, normal associate at Dragonfly, says Solana and Ethereum will each thrive within the tokenization race, and neither blockchain will push the opposite out of the sector.
“Each are Fb,” Haddick stated Wednesday on CNBC’s “Squawk Field” when requested which blockchain will acquire market dominance like social media platform Fb or fall again just like the once-popular MySpace.
Haddick stated that with rising curiosity in tokenization and elevated on-chain financial exercise, there may be room for a number of blockchains to coexist.
“There may be plenty of room on this market. In case you imagine that the majority property might be tokenized, if you happen to imagine {that a} vital quantity of financial exercise will happen on-chain (…) you can’t have only one blockchain,” he stated.
You possibly can’t win with a single blockchain
Haddick stated that “most stablecoins” at the moment reside on Ethereum, which is the place the vast majority of on-chain financial exercise resides.
Nevertheless, he stated Solana handles a lot of the buying and selling quantity and is “extra optimized for that kind of deal stream.”
There’s a massive hole between the 2 blockchains when it comes to community asset worth. In line with information from RWA.XYZ, Ethereum’s community asset worth, together with stablecoins, is $183.7 billion, whereas Solana’s community asset worth, together with stablecoins, is $15.9 billion.
Ethereum has the biggest community asset worth amongst blockchain networks. sauce: RWA.XYZ
Haddick stated it’s unlikely that one blockchain will grow to be the one blockchain, as no single blockchain will have the ability to “scale sufficient” to play that position.
“I believe you’ll see totally different use circumstances for various blockchains,” he stated. He additionally acknowledged the potential for brand new blockchains to emerge and steal market share.
Crypto platform switches between blockchain networks
Some crypto platforms swap between the 2 blockchains as enterprise wants change.
Associated: Arbitrum passes $20 billion milestone, Offchain Labs raises ARB stake
Fantasy sports activities crypto platform Sorare introduced in October that it might leverage Solana’s scalability and consumer-focused consumer base emigrate away from Ethereum in six years. The corporate plans to maneuver greater than 10 sports activities video games and their buying and selling playing cards to Solana.
Sorare CEO Nicolas Julia referred to as the transfer an “improve” however stated he stays assured in Ethereum.
Anthony Basili, president of Coinbase Asset Administration, informed Cointelegraph in November that whereas Bitcoin (BTC) and Ether (ETH) occupy first and second place within the common crypto portfolio, Solana (SOL) might “probably” be quantity three.
journal: The massive query: Can Bitcoin survive a 10-year blackout?
