Solana and Ethereum will each thrive in the tokenization race and neither blockchain will push the opposite out of the house, says Dragonfly common associate Rob Hadick.
“They’re each Fb,” Hadick told 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 plenty of room in this market. Should you imagine that the majority property are going to be tokenized, should you imagine there may be going to be a major quantity of financial exercise on-chain […] You can’t simply have one blockchain,” he stated.
No single blockchain can win
Hadick stated that “most stablecoins” are presently 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 move.”
There’s a important hole between the 2 blockchains in phrases 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, according to RWA.XYZ information.
Hadick stated that it’s unlikely for one blockchain to develop into the one one, as no single chain can “scale giant sufficient” to take that position.
“I feel we’re going to see completely different use instances on completely different blockchains,” he stated. He additionally acknowledged the potential for new blockchains rising and taking market share.
Crypto platforms swap and change 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 regardless that he known as the transition an “improve.”
Anthony Bassili, the president of Coinbase Asset Management, informed Cointelegraph in November that whereas Bitcoin (BTC) and Ether (ETH) occupy the primary and second positions in the common crypto portfolio, Solana (SOL) is a possible “perhaps” for third place.
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