Investors who correctly determined that Bitcoin (BTC)'s 2022 bear market is the bottom say they are extremely bullish on one smart contract protocol.
Chris Burniske, venture capitalist and cryptocurrency investor To tell With his 285,400 followers on social media platform X, Ethereum (ETH) has established itself as the “trusted payment layer for crypto assets.”
According to Burniske, other layer 1 protocols such as Solana (SOL) and Avalanche (AVAX) are in the process of vying to reach Ethereum's level.
“Despite being the most vocal advocate for SOL during the last bear market given its level of distress and highlighting already known issues with Ethereum’s UX (user experience), I was still very ETH for a long time and a big believer in the ecosystem.
Becoming a settler is not a path to success, but a result of success.
Ethereum is currently the only reliable payment layer for crypto assets, and its benefits are likely to further strengthen over time.
Avalanche, Bitcoin, Celestia, Polkadot, and Solana are the current liquid “competitive payment layers” that I'm most interested in, but there are others that are younger or haven't even started yet. ”
Partners at Placeholder Capital believe that Ethereum has significant advantages over its competitors. admit Major smart contract platforms are far from perfect, and well-known technical concerns still need to be resolved over time.
“The question is how quickly ETH Layer 2 solves this problem. Then there is the question of bridging from Layer 1 to Layer 2 and interoperability between Layer 2.
These issues will also be resolved, but all will take time. Solana and his friends, on the other hand, perform better, but their hit scales fail in different ways, so they have to be modular. Everyone is competing towards the same outcome, just taking different paths. ”
At the time of writing, Ethereum was trading at $3,530, down more than 5% in the past 24 hours.
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