Arthur Hayes dumps Solana for Ether, cites divine inspiration
Solana could be the speak of the crypto funding crowd lately, however one eccentric investor is betting that Ether will come up trumps.
Arthur Hayes, co-founder and former CEO of crypto change BitMEX says he has exited his Solana investments in favor of Ether. In an X publish on Dec. 22, Hayes “confessed” to pivoting from Solana to Ether based mostly on divine inspiration, “a msg (sic) from the Lord whereas meditating,” he mentioned.
Hayes backs Ether
Hayes has beforehand been crucial of Solana, even expressing scathing evaluations of the mission when he acquired the tokens in November 2023. Nonetheless, the previous BitMEX chief did state that Solana may exceed the $100 worth mark based mostly on its present rally.
By dumping Solana for Ether, Hayes appears to be bucking the present narrative. Solana has outperformed Ether amid the present renaissance within the crypto market. Solana’s spot worth is up over 667% this 12 months in comparison with Ether which has solely managed 88.5%.
Nonetheless, Hayes says Ether will attain $5,000 with out giving a timeframe, eclipsing the coin’s earlier peak of over $4,800 achieved again in November 2021.
Ethereum v Solana: A story of two blockchains
Value apart, the funding thesis for Ethereum and Solana has grown disparate in latest occasions, not less than for the reason that proliferation of makes an attempt to make the previous extra scalable utilizing layer-2 blockchains. Solana, in the meantime, has retained its monolithic construction of just one layer.
The final two years have seen the emergence of a number of Ethereum layer-2 networks like Arbitrum and Optimism. Even centralized exchanges like Coinbase have launched their very own layer-2 networks.
Ethereum and its array of layer-2 networks have turn into a sprawling DeFi scene that also outstrips all different opponents together with Solana.
Regardless of its latest renaissance, Solana’s whole DeFi investments, a metric tracked by whole worth locked (TVL), is just $1.35 billion, in line with DefiLlama knowledge. For comparability, Arbitrum, an Ethereum layer-2 has a TVL of $2.4 billion.
Solana with its monolithic construction and Ethereum’s array of layer-2 networks shouldn’t be the one path being taken within the blockchain growth entrance. Modular blockchains like Celestia, with their interconnected parts, are additionally one other class.
