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 advised 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 mentioned that with rising curiosity in tokenization and rising financial exercise onchain, there’s room for a number of blockchains to coexist.
“There’s a variety of room on this market. Should you consider that the majority property are going to be tokenized, in case you consider there’s going to be a major quantity of financial exercise on-chain […] You may’t simply have one blockchain,” he mentioned.
No single blockchain can win
Hadick mentioned that “most stablecoins” are at present on Ethereum and that’s the place nearly all of on-chain financial exercise exists.
Nevertheless, he mentioned Solana handles most buying and selling quantity, making it “extra optimized for that kind of transaction movement.”
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 knowledge.
Hadick mentioned 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 believe we’re going to see completely different use circumstances on completely different blockchains,” he mentioned. He additionally acknowledged the potential for 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 might 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 mentioned he’s nonetheless feeling assured in Ethereum though he known as the transition an “improve.”
Anthony Bassili, the president of Coinbase Asset Administration, advised 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 “perhaps” for third place.
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