Polygon Founder Predicts That Ethereum Will Become #1 Crypto
The crypto pioneer, Bitcoin still remains the number one crypto project in the space. However, Ethereum has been quickly catching up as decentralized finance (DeFi) use cases have brought investors to the blockchain to earn returns on their crypto holdings. This has given rise to popular Layer 2 solutions like Polygon.
Polygon co-founder and COO, Sandeep Nailwal talked with Cointelegraph about the future of the leading smart contracts blockchain. Ethereum is the number 2 layer 1 blockchain, only behind bitcoin. Nailwal believes that it is only a matter of time before the blockchain takes over as the leading Layer 1 protocol. He credits this to a number of reasons and differences between the two blockchains.
DeFi Key To Ethereum’s Success
The COO outlines the reasons why Ethereum was set to take over from bitcoin as the leading layer 1 protocol. The growth of the DeFi space as a major push for this takeover, according to Nailwal. Majority of the decentralized finance activities were carried out on Ethereum, which made it “the ultimate settlement layer,” he said.
Ethereum’s popularity has pushed it become even more valuable as a blockchain which puts it directly in a position to overtake the top cryptocurrency. “Sooner or later, ETH will outpace Bitcoin and become the global standard,” the COO said. Polygon will play a major role in the long-term success of the blockchain with the scalability solutions which it provides, Nailwal highlighted.
According to Nailwal Bitcoin blockchain may in fact not exist 10 years from now, because of the limited use cases. The COO believes that if bitcoin is to survive in the future, then it needs to provide more functions than being a means of exchange and investment.
Ethereum Will Outlast It “Killers”
Recently a flock of projects have appeared to compete with Ethereum for the DeFi attention it is getting. Known as “ETH killers,” these blockchains have risen up to take market share from the leading DeFi platform. Solana has been at the forefront of this competitive movement and has grown tremendously as it went up against Ethereum.
ETH/USD Source: CoinMarketCap / tradingview
Despite the growing popularity of other Layer 1 solutions, Nailwal does not believe that there is any blockchain that can take over Ethereum. The layer 1 solution has maintained a majority share of the market despite the rise of its competitors.
Ethereum will most likely maintain the top spot in the market for the foreseeable future. And with proof of stake scheduled to come to the blockchain next year, ETH is set to dominate both the DeFi and crypto space.
