Topic: The Ethereum killer storyline part 2 might be beginning (Read 963 times)

Solana is going good but not that good. Mainly it's going good because of all the memecoins that are pumping right now. But because I believe they will pump for a small amount of time, solana may even loose it's popularity long term, thus it will never reach ethereum's market cap.

I shake my head on your argument because what you are telling us is very much not true. Are you using the bridges that have been developed in the bear market since 2022? There are also other bridges that have been developed before the bear market occurred. Transferring tokens and using bridges for crosschain swaps is presently much easier. You can transfer ETH to SOL, ETH to layer2 and it will not take more than 1 minutes for the transfer process, others are instant.

..And mostly, it's just a buzz to get the funds flowing, unfortunately. These trends which just change each other like a rainbow after the storm.
However, hey - aren't we already used to it?   

Honestly, if there is an ETF for it, we could actually see some bigger increases with a doubt, we just need a few billion dollars invested that's it. Think about it, we are talking about 295 billion marketcap ETH here, and we are talking about just mere 50% of it as well, so that would be 147.5 billion dollars, nothing all that high.

So there isn't really a big ask here, if price of SOL goes twice higher, then it goes beyond that level, it is not really that impossible for SOL to increase higher than ETH increases, there is more room for growth for SOL at the moment, it requires a lot more money for ETH. If the article said SOL will go higher than ETH, then I would say they are talking nonesense without a doubt, but reaching just 50% doesn't really feel that bad.

I guess people don't want to move away to another chain with an added learning curve. Switching from ETH to a L2 chain based on rollups is not as easy as it sounds. It's why most people prefer high-performance and cost-efficient chains such as Solana and BSC/BNB. If ETH developers focus on scaling the L1 blockchain, I'm sure adoption will increase tenfold.

Hopefully, your prediction comes true. But be aware that AI-based tokens are taking the world by storm. It might become the hottest trend besides Gamefi, "De-Fi", NFTs, and whatnot. Who knows how ETH will perform in the future?

The Ethereum holders who argue that Blackrock CEO and the new mayor of Bitcoin Larry Fink supports Ethereum and it has an ETF already, it appears that there is also an argument that there are institutional investors that are also filing their own ETF for Solana. It is beginning to appear that the only positive argument for Ethereum is the ETF inflows which has not arrived after the approval. It will be very headshaking for them if the approval for the Solana ETF will have very big inflows on SOL and pump this hehehe.



new SOL vehicle to would-be institutional investors.

Canary Capital Group’s Wednesday filing for a spot SOL ETF with the SEC comes a few months after VanEck kicked off the process with a filing of its own.

The fresh filing is a cause for celebration, certainly — especially if you’re of the opinion/hope that next week’s election will usher in a far less, shall we say, Gensler-ish take on US securities oversight. Sitting SEC commissioners on the Republican side are of the view that investors, not regulators, should judge the merits of such products, and in the event that Donald Trump prevails, Chair Gary Gensler may find himself out of a job sooner than later.

Read in full https://blockworks.co/news/canary-capital-sol-etf-filing

I reckon answer on why rollup tokens are not very much valued by the community might be because this does not give the holders a share of the revenue from fees collected by the rollup. If they can give some yield to the holders for staking, we can be quite certain much of these DeFi farmers will certainly buy and stake.

This might continue on 2025 and the community will continue to ignore this. I predict the return of gamefi and play to earn projects with better tokenomics.



By some measures, Ethereum’s bet on its “rollup-centric” future has gone too well: Rollups now process more transactions than Ethereum itself and have been called parasites that depress the price of its cryptocurrency.

So, why doesn’t anyone want their tokens?

Tokens for major rollups, also known as layer 2 blockchains, or L2s, have had a miserable year: Arbitrum is down 66% since January 1; Optimism has fallen 56% in that span; Starknet is down a whopping 84%; and ZkSync is off 55%. Mantle has been the least worst off, falling a modest 10%.

At the same time, crypto has boomed.

Read in full https://www.dlnews.com/articles/defi/can-the-rollup-token-market-break-its-2024-slump/

BTW Vitalik announced that Ethereum will do the purge to overcome the Ethereum data liberation, however Ethereum requires efficiency there and then he will simplify the Ethereum protocol to make it easier to navigate Ethereum networks and developers will be more easy to avoid bugs in the tissue.
We do not know what is the percentage of the success of this Purge Tea, but I strongly support Ethereum to be more friendly and dispose of outdated complexities that do not need to be used again in the Ethereum network.

See? More projects moving away from ETH. Partly because of the main chain's limited transaction capacity. At least, Unichain will be a L2 network built on top of the ETH blockchain. This shouldn't affect ETH's market dominance. After all, L2s depend on ETH to survive. It would've been a problem if Unichain was a separate chain.

Let's face it. Around 90% of smart contract chains are based on the EVM. Propietary chains such as Solana and Cardano are the minority. It's no wonder why ETH is still the "King". I'd expect Vitalik and team to scale the main ETH blockchain for greater benefits in the long run. High fees and slow confirmation times will no longer be an issue to ETH users. Just be patient to see good results in the long run. In my eyes, ETH will be the #2 crypto in market cap forever. "Ethereum Killer"? Says who?

Yes, these are the arguments that folks that think ETH is going to die due to parasitic nature of Layer-2s right now on Ethereum. Almost all L2s not just base does that. My thesis is that Base will never airdrop to its users due to the fact that Coinbase itself is in the US and they're on the SEC watch list. Iirc, Coinbase was even sued by SEC this year. I think it's a similar story with Linea being that it's a product of consensys.

It's time to face the reality that L2s might just siphon liquidity from Ethereum and remit very little value back and that's going to be the reality for a long time.

@nelson4lov. Are you following the conversation of the thread? You should read it from the beginning hehehehe. I am talking about the value gathering premium of ETH because this is a proof of stake blockchain. Base layer 2 has made millions in fees, however, this paid the Ethereum blockchain only in thousands. I speculate that if Coinbase will issue a token for their layer 2, they might give this millions in value gathering premium to the stakers of the token of their layer 2. The token holders will certainly dump some or much of the ETH they earn from staking.

Also, there is the argument on netflows in Solana and Ethereum. You should read this.

Layer-2s don't need to become Layer 1. There are already plenty of Layer 1s already and it would cost existing layers 2 much more than it would cost them to continue running their layer 2s. At least with Ethereum as the L1 + EigenLayer's shared security, these layer2s can benefit from the security without needing to bootstrap their own security. About the issue of fragmentation of users, that's bound to happen even with L1s. However, the layer2s that can capture the most users and get them using the chain for daily activities like Arbitrum and probably starknet, would win in the long run.

NFT is just one protocol among many others though, Ethereum utility is not lacking, we can see the smart contract being utilized heavily, so many other standard protocol other than NFT still being utilized heavily.
I don't think it lacks any network utility at all.
ETH just falling behind in speed and transaction cost but really if we are talking about utility, it's as good as any other smart contract capable blockchain that just got released recently.
even most of the newer blockchain derived their concept form ETH which ETH also derived its concept from a paper about smart contract.

@Abiky. I very much agree that the layers 2 on Ethereum will give much lower fees, however, there are presently many of them and the projects cannot collect as much users compared if they are on an integrated blockchain similar to Solana.

Also, what does this layer 1 on layer 2 model imply for Ethereum blockchain's value gathering? Uniswap has announced their own layer 2 on Ethereum. This will bring millions in onchain activity and profit from fees to Uniswap's chain and they will only pay less than 10% of their total revenue from fees to Ethereum blockchain very much similar to Base layer 2.



Today, we’re thrilled to announce Unichain. After years of building and scaling DeFi products at Uniswap Labs, we’ve seen where DeFi needs to improve and what’s required to continue advancing Ethereum’s scaling roadmap. That’s why we’re launching Unichain – a fast, decentralized Superchain L2 that’s built to be the home for DeFi and liquidity across chains.

Read in full https://blog.uniswap.org/introducing-unichain

Of course. It's all about convenience. People want low fees and fast confirmations even if that means sacrificing decentralization in the long run. But to those unaware, it's possible to get the same benefits as Solana on Ethereum by using any of its L2 networks. I'm talking about Arbitrum, Optimism, Base, and the likes. You will get the security, reliability, and decentralization of Ethereum without "breaking the bank".

Why switch to another chain with different apps and tokens, when you can stay on ETH and use a L2 for added convenience? At this point, it's hard to believe ETH will loose its position on the market anytime soon. It will remain the second-largest cryptocurrency in the world forever. Solana might even rise all the way towards the third spot. But that's it. "You can't beat the real thing". Not even EOS had success on "killing" Ethereum. Why? Because ETH has first-mover advantage. Just like Bitcoin. See you in the next bull market.

Both are working on something, and that's great.
Would Firedancer be something that would make the SOL chain much better (making many parts of technical processes better)? - definitely.
Would better and cheaper transactions make ETH better for its community? - definitely.
Both have something to work around and both would be leading the alt market, in my opinion.

everyone really knew that ethereum didn't have much network utility once they discovered the NFT's were not on chain. It was a transaction proof they were buying. No use case was discovered by the market.

@Abiky. You are correct that this very positive netflows on Solana is because of the memecoins craziness. However, this is not the 100% of the reason, I reckon. The much bigger reason is certainly because the people that have begun to use Solana pay much lower gas fees and the blockchain is very fast. If Ethereum's gas fees did not increase, will many people in the cryptospace transfer from Ethereum to Solana? I am very much certain that no, we would be on Ethereum blockchain for all of our onchain activities. This also is a supportive argument on the speculation that much of the users presently do not care about decentralization. They only want low gas fees and a fast blockchain.

It's all because of the "meme" coins craze. That, and also the excitement surrounding the sale of Solana's latest smartphone. The project is simply overhyped. It won't last for long. Especially when people tend to move on to the next big thing. Unlike Solana, Ethereum is focused on quality by providing safe and reliable decentralized apps to everyone. Fees may be much higher than Solana, but that's the price you pay for decentralization. You can always switch to many of ETH's L2 networks (Arbitrum, Optimism, Scroll, Base, etc) for complete peace of mind.

If Ethereum goes full speed ahead with the "Danksharding" upgrade, Solana's glory days will be over. ETH will be fast and cheap for payments like in the early days. Just you wait and see. Have faith in Vitalik for once, would ya?

Yes, SOL would be the nearest thing that could possibly beat up ETH in any aspect on which the thing i do like with SOL is that it is fast and have cheaper fees or simply better that on what we are seeing on ETH.
What makes ETH to be the #2 thing is that because of its smart contracts and this is something a feature that cant really be easily be beaten up on any projects out there. Yes, we cant be able to make out some assurance that it wont be overtaken by something on upcoming years to come but there's no guarantee that it will really be able to retain its spot forever, even we do say that Bitcoin would be always have also that tendency on getting replaced. It all matters with the community demand and recognition or simply into its supporters on which we know that this could really be that something that cant really be determined
on when there will be having that switch up in speaking about into the support on where its investors or supporters would really be pouring into. This is why it will really be that important that you should really that know
at least on the probabilities or chances that there might be some flipping in between projects. Therefore, it will really be best that you should really be making out some diversification in between coins/tokens on which you do really believe that it could really be having that potential that might be something big in the future or will really be having that tendency to be sitting in top of the ranks. It will really be just that everything depending into your risks taking and choices on where you would really be focusing into.