JAKARTA – Competition in the crypto world is getting fiercer, especially cryptocurrencies that have large capitalizations such as Bitcoin and Ethereum. Polygon crypto founder Sandeep Nailwal said that Ethereum would overtake Bitcoin as the dominant layer 1 protocol.
“Sooner or later, ETH will surpass Bitcoin and become the global standard,” said Sandeep Nailwal as quoted by Cointelegraph.
In addition, Nailwal also believes that Ethereum will play an important role in the decentralized finance (DeFi) space. While Polygon will play a major role in ensuring Ethereum's long-term success with its scalable solutions.
It seems that the competition for layer-1 protocols is getting fiercer with Solana. Nailwal also mentioned that it is too early to talk about “Ethereum Killer.”
“The Ethereum chain, because of its fundamentals, its security, its level of decentralization and its community and the trust it has created as a chain over time, it is beyond the reach of other chains,” Nailwal added.
He also thinks that in the end Ethereum will prove to be superior to Bitcoin. Nailwal reasoned that Ethereum usage would be higher, therefore ETH would have the potential to overtake Bitcoin.
The Polygon co-founder views Bitcoin as pessimistic. The reason is, if Bitcoin does not expand its utility beyond monetary functions it is likely that BTC will not last long as a layer-1 protocol.
"It may take 10 years from now, but I don't see a world where many layer-1 protocols exist," he concluded.
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