Michael Saylor, CEO at MicroStrategy, makes a tough prediction for Solana and Binance to come up against Ethereum. His comments come at a bad time for Ethereum community with their precious platform further delaying the Merge.
In a recent podcast with Lex Fridman, Saylor was asked to comment on the future of crypto platforms, and he said,
“I think that in the crypto platform space Ethereum will compete with Solana and Binance Smart Chain”
Solana was launched and regarded as the “Ethereum killer”. It gained popularity as a reactionary blockchain which filled the gaps found in the Ethereum blockchain. Solana can record around 60000 transactions per second making it one of the fastest layer-one blockchains. It is a far more efficient, highly scalable and low fee blockchain that is still very early in its development.
Ethereum, on the other hand, is the flagship altcoin and the second largest cryptocurrency by market cap. It stands out in decentralization and is backed by a very efficient Ethereum Foundation. It supports multi-chain networks that drastically improves its scalability without compromising its security. The blockchain is set to launch its hard-fork called the Merge this year. Many in the Ethereum community have a lot of expectations attached with it.
Ethereum also has a larger NFT marketplace as compared to Solana. Despite recent developments in the technology, Solana continues to heavily lag behind Ethereum’s NFT trading volumes.
Blockchain NFT Trading Volume (30 Days) Source: CryptoSlam
Stablecoins = $10 trillion market
Stablecoins have not received much vote of confidence in recent weeks, but Saylor was quick to defend them. He believes the world wants two things right now: crypto property as savings account and cryptocurrency as a checking account. He adds
“That means the most popular thing really is going to be a stablecoin dollar. It’s not clear that there will be one that will win, the class of stable dollar is probably a one to ten trillion-dollar market easily.”
The comments come with a warm reception for the stablecoin communities. Currently at a market cap of around $190 billion there is a huge investment in such coins today. Stablecoins are often used a bridge between exchanges and as Marco Santori, Chief Legal officer at Kraken says,
“They’re fluid, he adds, which is another element that makes stablecoins attractive to investors, and “you don’t need a financial services company to move them around.”
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