Polygon Founder Says Ethereum Is Set To Replace Bitcoin As The Global Standard
October 01 2021 - 6:00PM
NEWSBTC
Bitcoin still remains the top crypto project in the space. But it
no secret that Ethereum has been quickly catching up with the
pioneer cryptocurrency. Ethereum’s decentralized finance (DeFi) use
cases have been the major contributor behind this space as
investors have flocked to the blockchain to earning returns on
their crypto holdings. This has given rise to popular Layer 2
solutions like Polygon. Recently, co-founder and COO of Polygon
Sandeep Nailwal was on Cointelegraph to talk about the future of
the leading smart contracts blockchain. Ethereum is the number 2
layer 1 blockchain, only behind bitcoin. And 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. Related Reading
| Over $5 Billion In Bitcoin And Ethereum Moved From Cold
Wallets Amid China Crackdown The DeFi Space Is Booming During an
exclusive interview with Cointelegraph, the COO outlines the
reasons why Ethereum was set to take over from bitcoin as the
leading layer 1 protocol. Nailwal cited the growth of the DeFi
space as a major push for this takeover. This is because the
majority of the decentralized finance activities were carried out
on Ethereum, which made it “the ultimate settlement layer.” Its
popularity has pushed ETH to 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. Nailwal pointed out that
Polygon will play a major role in the long-term success of the
blockchain with the scalability solutions which it provides.
Related Reading | Crypto Analyst Says Ethereum Market Is A
“Ticking Time Bomb”, Here’s Why More than just beating out Bitcoin
for the top spot, the co-founder expressed that the blockchain may
in fact not exist 10 years from now. This is because of the limited
use cases and 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 Filtering Out The Noise With
time, a number of projects have come out of the woodwork to compete
with Ethereum for the DeFi attention it is getting. Referred to 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 price rebounds above $3,200 | Source: ETHUSD
on TradingView.com Despite the growing popularity of other Layer 1
solutions, the co-founder of Polygon 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. Chart from TradingView.com
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