BitMEX founder Arthur Hayes thinks it’s going to be “very, very difficult” for other smart-contract platforms to surpass Ethereum (ETH).
Hayes says in a new interview with The Big Whale that Ethereum currently leads the pack in terms of innovative applications and number of developers.
He argues that innovations start on Ethereum and then “copycats” materialize on other chains.
“The Ethereum technology and the people building these things, they’re the most innovative, and then everybody else copies them. So until I see a new chain where a new primitive is launched there first, and it hasn’t started on the Ethereum network, then I don’t think they’re going to overtake them.”
Hayes does acknowledge that “there’s a lot of noise” regarding Solana (SOL).
“It’s done extremely well. They have really good UI/UX. A great, engaged community. The whole memecoin thing has been one of the best things that’s ever happened for Solana, but at the end of the day, what is it? It’s like one-fourth the market cap of ETH or something like that.
I think, again, on a probabilistic basis, it’s going to be extremely difficult for them to assail ETH. Especially [because] it’s not like ETH is standing still. Now we have layer-2s, and the cost of transactions has been pushed down to that level, we have faster transactions per second if that’s something that matters to you. So Ethereum is becoming competitive again and it already has these other advantages.”
Ethereum’s market cap is around $296 billion at time of writing, while Solana’s is around $68.1 billion.
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