As Solana (SOL) and Binance Chain (BSC) continue to gain traction and Ethereum (ETH) scalability concerns persist, crypto experts have weighed in on the race for second place.
Kain Warwick, the founder of Synthetix, and Kyle Samani, the managing partner of Multicoin Capital, have expressed their thoughts on the war for dominance over ethereum.
On the Unchained Podcast, the two talked about the possibility of alternative blockchains catching up to Ethereum. The greatest threats are Solana and Binance Chain.
“We’re more long ETH than Bitcoin. And we’re even longer than that on SOL and Binance”he stated.
The critical issue, according to Warwick, is the high ethereum gas taxes, and there appears to be an opening for networks like Solana and Binance Smart Chain to start chipping away at ETH dominance.
BSC and SOL bullishness
Multicoin Capital is bullish on ethereum, but the company is more positive on BSC and SOL, according to Samani, who specializes in crypto investments.
Both experts feel that investors should be wary of ethereum rivals. “I don’t think the ETH community can just be ignorant to this,” Warwick continued. Reiterating the need of considering ETH competitors.
Key competitive advantages
Compared to Ethereum, the Solana and Binance Smartchain blockchains have numerous advantages. One of the most noticeable concerns with ETH is its inability to scale effectively. The network has recently experienced issues due to an increase in the number of users and transactions.
“The biggest challenge the ethereum ecosystem faces today is that it is impossible to answer the question: what does a scaled ethereum application look like in 24 months?”Samani said.
Development frameworks are another element to consider. Rust is used in the construction of Solana. Rust, according to Warwick, allows developers to enhance the Solana network further.
Samani also spoke about the Rust framework, adding that it appears that Rust will gradually replace C++ as the engine that drives everything in the world.
In the end, Warwick found that Solana poses a more significant long-term threat to ethereum.
“You can lose market share. Leaders fall behind all the time, especially in nascent phases of tech revolutions,”he stated.