Solana and Ethereum can coexist in tokenization race: Dragonfly VC
Solana and Ethereum will each thrive within the tokenization race and neither blockchain will push the opposite out of the area, says Dragonfly common accomplice Rob Hadick.
“They’re each Fb,” Hadick informed CNBC’s “Squawk Field” on Wednesday, when requested which blockchain will acquire market dominance like social media platform Fb or fall behind just like the once-popular MySpace.
Hadick stated that with rising curiosity in tokenization and rising financial exercise onchain, there’s room for a number of blockchains to coexist.
“There’s lots of room on this market. Should you consider that almost all belongings are going to be tokenized, should you consider there’s going to be a big quantity of financial exercise on-chain […] You’ll be able to’t simply have one blockchain,” he stated.
No single blockchain can win
Hadick stated that “most stablecoins” are at the moment on Ethereum and that’s the place the vast majority of on-chain financial exercise exists.
Nonetheless, he stated Solana handles most buying and selling quantity, making it “extra optimized for that sort of transaction stream.”
There’s a important hole between the 2 blockchains by way of community asset worth. Ethereum’s community asset worth, together with stablecoins, stands at $183.7 billion, whereas Solana’s, additionally together with stablecoins, is $15.9 billion, in keeping with RWA.XYZ information.
Ethereum has the biggest community asset worth among the many blockchain networks. Supply: RWA.XYZ
Hadick stated that it’s unlikely for one blockchain to turn into the one one, as no single chain can “scale massive sufficient” to take that function.
“I feel we’re going to see completely different use instances on completely different blockchains,” he stated. He additionally acknowledged the opportunity of new blockchains rising and taking market share.
Crypto platforms swap and alter between blockchain networks
Some crypto platforms have been switching between the 2 blockchains as their enterprise wants change.
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Fantasy sports activities crypto platform Sorare introduced in October that it could migrate from Ethereum after six years, capitalizing on Solana’s scalability and consumer-focused person base. The corporate will transfer over 10 sports activities video games and their buying and selling playing cards to Solana.
Sorare CEO Nicolas Julia stated he’s nonetheless feeling assured in Ethereum despite the fact that he referred to as the transition an “improve.”
Anthony Bassili, the president of Coinbase Asset Administration, informed Cointelegraph in November that whereas Bitcoin (BTC) and Ether (ETH) occupy the primary and second positions within the common crypto portfolio, Solana (SOL) is a possible “possibly” for third place.
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