Crypto experts have weighed in on the battle for second spot as Solana (SOL) and Binance Chain (BSC) continue to show mass adoption, while Ethereum (ETH) scaling issues continue.
Founder of Synthetix, Kain Warwick and managing partner at Multicoin Capital, Kyle Samani have weighed in with their opinion on the battle for dominance against ethereum.
Speaking on the Unchained Podcast, the pair discussed the potential of the other blockchains potentially overtaking Ethereum. With Solana and Binance Chain being the biggest threats.
Warwick commented on the high ethereum gas fees as the main issue, saying that “there appears to be a bit of an opportunity for chains like Solana and Binance Smart Chain to really start chipping away at ETH dominance.”
Bullishness on BSC and SOL
Samani, who focuses on crypto investing explained in the podcast that Multicoin Capital is bullish on ethereum, however the company is more bullish on BSC and SOL. “We’re more long ETH than Bitcoin. And we’re even more long than that on SOL and Binance” he stated.
Both experts believe that investors can’t sleep on ethereum competitors. Warwick commented further, saying “I think that ETH-community can’t just be oblivious to this.” Reiterating that ETH competitors need to be seriously considered.
Competitor key advantages
The Solana and Binance Smartchain blockchains offer several advantages over Ethereum. One of the most notable issues facing ETH is its lack of being able to successfully scale. The growing number of users and transactions have caused headaches recently for the network.
“The biggest challenge the ethereum ecosystem faces actually today, is that it is actually impossible to answer the question: what does a scaled ethereum application look like in 24 months?” Samani said.
Other contributing factors include development frameworks. With Solana being built on Rust. Warwick believes that Rust allows developers to develop the network on Solana further.
Samani also commented on the Rust framework, stating “it seems like Rust is going to slowly replace C++ as like powering the guts of everything in the world.”
Warwick concluded by stating that Solana represents a larger threat to ethereum in the long run. “You can lose market share. Leaders fall behind all the time, especially in nascent phases of tech revolutions” he stated.
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