Solana and Ethereum will each thrive within the tokenization race and neither blockchain will push the opposite out of the area, says Dragonfly common associate Rob Hadick.
“They’re each Fb,” Hadick instructed CNBC’s “Squawk Field” on Wednesday, when requested which blockchain will achieve 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 growing 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, if you happen to consider there may be 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 present 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 when it comes to 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 line with RWA.XYZ information.
Hadick stated that it’s unlikely for one blockchain to change into the one one, as no single chain can “scale giant sufficient” to take that function.
“I feel we’re going to see completely different use circumstances on completely different blockchains,” he stated. He additionally acknowledged the potential for new blockchains rising and taking market share.
Crypto platforms change 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 will 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 although he referred to as the transition an “improve.”
Anthony Bassili, the president of Coinbase Asset Administration, instructed 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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