BitMEX founder Arthur Hayes reveals Ethereum, Solana and ETH rival predictions for the next crypto cycle
BitMEX co-founder Arthur Hayes says leading Ethereum (ETH) competitors probably don’t have a chance to take out the leading smart contract platform.
In a new interview with Crypto Banter, Hayes says that some of the leading tier-1 Ethereum rivals may present good trades next cycle, but that they do not have the long-term potential to overtake ETH in terms of market cap.
“It would make sense to allocate to one or more of these things at the bottom because they’re going to go up quickly. Now I don’t think anything comes close to competing with Ethereum. It’s not all based on transactions per second or blah blah blah the other stuff. It’s developer talent.
Ethereum has a few thousand developers. The next blockchain could have a few hundred and that’s all that matters. The developers create this ecosystem. They build the applications.”
Using Solana as an example, Hayes says SOL faces the challenge of finding a new narrative for the next bull market cycle. According to the crypto veteran, the hype around transactions per second and lower fees can only work for so long.
“If you think about it, every other layer-1 has layers that basically copy and paste everything created on Ethereum first. Which is fine, getting into Solana when it’s a few cents off $200, great damn trade .
But it’s a bit less of a bargain now at $30. Do they actually have something to give to the market in the next cycle? What will they bring to market in the next cycle? Because if it’s just ‘Oh Ethereum is slow. It processes so many transactions. Gas taxes are high. We’re faster because of some fancy math we wrote down on a piece of paper, and our testnet is really fast…’
It works the first time. [It] doesn’t work second time…
If the technical situation on the price chart looks good, I will enter some of them, but in my deep understanding, I don’t think any of them can beat Ethereum yet because they don’t have the consensus of the developers.”
At the time of writing, Ethereum is changing hands at $1,310, flat on the day.
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