Rob Haddick, basic accomplice at Dragonfly, says Solana and Ethereum will each thrive within the tokenization race, and neither blockchain will push the opposite out of the sector.
“Each are Fb,” Haddick mentioned Wednesday on CNBC’s “Squawk Field” when requested which blockchain will achieve market dominance like social media platform Fb or fall again just like the once-popular MySpace.
Haddick mentioned that with rising curiosity in tokenization and elevated on-chain financial exercise, there’s room for a number of blockchains to coexist.
“There’s a whole lot of room on this market. In case you imagine that almost all property will likely be tokenized, if you happen to imagine {that a} vital quantity of financial exercise will happen on-chain (…) you can not have only one blockchain,” he mentioned.
You possibly can’t win with a single blockchain
Haddick mentioned that “most stablecoins” at the moment reside on Ethereum, which is the place the vast majority of on-chain financial exercise resides.
Nonetheless, he mentioned Solana handles a lot of the buying and selling quantity and is “extra optimized for that sort of deal circulation.”
There’s a giant hole between the 2 blockchains by way of community asset worth. In accordance with knowledge from RWA.XYZ, Ethereum’s community asset worth, together with stablecoins, is $183.7 billion, whereas Solana’s community asset worth, together with stablecoins, is $15.9 billion.
Ethereum has the most important community asset worth amongst blockchain networks. sauce: RWA.XYZ
Haddick mentioned it’s unlikely that one blockchain will grow to be the one blockchain, as no single blockchain will have the ability to “scale sufficient” to play that position.
“I feel you’ll see totally different use instances for various blockchains,” he mentioned. He additionally acknowledged the potential for brand new blockchains to emerge and steal market share.
Crypto platform switches between blockchain networks
Some crypto platforms swap between the 2 blockchains as enterprise wants change.
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Fantasy sports activities crypto platform Sorare introduced in October that it will leverage Solana’s scalability and consumer-focused person base emigrate away from Ethereum in six years. The corporate plans to maneuver greater than 10 sports activities video games and their buying and selling playing cards to Solana.
Sorare CEO Nicolas Julia known as the transfer an “improve” however mentioned he stays assured in Ethereum.
Anthony Basili, president of Coinbase Asset Administration, informed Cointelegraph in November that whereas Bitcoin (BTC) and Ether (ETH) occupy first and second place within the common crypto portfolio, Solana (SOL) may “presumably” be quantity three.
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