Why Ethereum Continues To Top Over Other Layer Ones!
Earlier this week, in a recent interview with the YouTube channel Crypto Banter, co-founder of crypto trading platform BitMEX and the 100x group Arthur Hayes recently brought up his opinions on why other current layer-1’s can’t seem to compete with Ethereum.
Lack Of Developer Talent
When asked if he had his eyes on any other layer ones at the moment other than Ethereum, Hayes explains that he doesn’t think any of the layer-1 rivaling Ethereum have any potential to beat Ethereum.
“A lot of them got crushed,” Hayes says, referring to other layer ones, “It would make sense to allocate to one or more of these things at the bottom, because they’re going to go up fast. Now, I don’t think anything comes close to competing with Ethereum.“
Hayes went on to further explain that the cause of this is due to the lack of developers and lack of developer talent in the teams creating other layer ones.
“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.”
Lack Of Originality
Hayes also claims that another reason why many layer ones rivaling Ethereum often times do the same thing over and over again, becoming repetitive.
He says: “If you think about it, every other layer one has teams basically copying pasting and pasting everything that’s been created on Ethereum first.“
“Do they actually have something to give to the market in the next cycle? What are they going to bring to the market in the next cycle? Because if it’s just ‘Oh Ethereum is slow. It’s processing so many transactions. Gas fees are high. We’re faster because of some fancy math we wrote down on a piece of paper, and our testnet is real fast…’ That works the first time, doesn’t work the second time.“
It’s because of all these reasons Arthur Hayes believes that no other layer ones will be able to compete against Ethereum in the long term and why Ethereum continues to top over them for the most part.