BitMex Co-Founder Arthur Hayes: Ethereum Won’t Be Surpassed By Solana & Others Yet.
Ethereum blockchain is currently one of the most used blockchains in the world today. Since going through with The Merge update, many are even more bullish on the future of Ethereum. One of them who is bullish is the co-founder of BitMex, Arthur Hayes.
Hard For Other Blockchains To Surpass Ethereum
In an interview with Crypto Banter, Hayes states that it will take sometime before Solana and other blockchains to catch up with Ethereum. Its place in the ecosystem right now is pretty solid and will even solidify more in the future. It will be hard for others to actually surpass Ethereum in the future.
Simply put, the amount of development work being put into the ecosystem is one of the key reasons Hayes is so bullish on Ethereum. He believes that the development works and projects that is planned for Ethereum are going to be key for them. Metrics such as transactions per second (TPS) shouldn’t be used to gauge how good a blockchain network is.
“I don’t think anything comes close to competing with Ethereum. It’s not all based on transactions per second or blah blah blah the other stuff. It’s developer talent. Ethereum has a few thousand developers. The next blockchain might have a few hundred, and that’s all that matters. The developers create this ecosystem. They build the applications.”
According to Hayes, the majority of layer 1 attempts have simply been copies of what Ethereum did. Although there may have been a chance for profit in the past, upcoming cycles suggest that there will be less profitable deals in the future. According to Hayes, the claim that we outperform Ethereum in terms of throughput or gas costs starts to wane over time.
He is correct that Ethereum is undergoing rapid development, and he has previously expressed optimism about the cryptocurrency. The second-largest network on the market attracts interest from major businesses and financial institutions. DeFi is similarly dominated by Ethereum, and this situation does not appear to be about to change.
Ethereum Still Ahead In Many Metrics
While there are fewer than 400 DApp on Solana, there are about 3,000 DApp on Ethereum. Ethereum has more than $30 billion in total value locked in at the moment. In contrast, Solana has $894.26 million committed.
With almost 57% of the market, Ethereum completely dominates the share of total value locked in the DeFi industry. With 10.24%, BSC comes in second place. Solana has 1.72%, while TRON is third with 10.1%.