Source: Adobe / Hilary
The multi-chain future will force the two current crypto market leaders – Bitcoin (BTC) and Ethereum (ETH) – to give up some of their positions on new networks and blockchains, so Messari Analysts.
During a discussion at Messari’s Mainnet 2021 event Monday with fellow analyst Wilson Withiam and Messari CEO Ryan Selkis, Ryan Watkins said that the current multi-chain environment “offers so many opportunities to be productive with your capital” that the Question really is how? Bitcoin can remain relevant in the future.
And while both the company’s CEO and analysts seem confident that the future is multi-chain, Watkins hasn’t completely rejected Bitcoin.
“People in Bitcoin tend to be macro-focused, while Ethereum (ETH) and other asset investors are more growth-oriented,” argued Watkins.
However, he also added that both assets will continue to exist and be relevant, while at the same time arguing that Bitcoin is not the only existing crypto asset with a store of value and that it could very well be overtaken by any other crypto asset in the world Future.
Up to that point, another analyst at Messari, Wilson Withiam, agreed, saying that “store of value plus utility will be more than store of value.” He added that it is hard for him to see any other asset not outperform Bitcoin’s market cap when it has more utility.
In another comment on the multi-chain future, Withiam said that the various blockchain platforms currently in use are “building a whole economy” that includes much more than just Ethereum.
“There is still a lot of speculation,” Withiam admitted, adding that “real value” will emerge in the end from many of these projects, especially those that are in the DeFi (decentralized) finance space.
In another panel discussion at the same event, Do Kwon, founder of the Terra Intelligent Contract Protocol (LUNA), shared the sentiment towards the idea of a multi-chain future and said that it is a “bad idea to stake out all applications”. into a global computer, ”just as it is a bad idea to have everyone in the world in the same city.
Emerging Layer 1 protocols like Avalanche (AVAX) and Solana (SOL) have “a living ecosystem” that allows “great products” to be built on top of it, the Terra founder said, suggesting:
“Basically, it might just make sense to have a multi-chain future, regardless of what kind of use cases are built on a blockchain.”
Bitcoin and Ethereum by percentage of total market capitalization:
– Ethereum has to work harder to maintain its dominance in a multichain future
– ETH decouples from BTC with focus on use cases & competition
– Ethereum, Solana, Polygon & Co form a new hot market for blockchains
– “Fiat-like” proof-of-stake chains favor centralization and rich players
– Ethereum developers on why they don’t see Cardano & Binance Chain as rivals
– Bitcoin and Ethereum can coexist with DeFi bridging the two
– The Ethereum Economy is a house of cards
– Why Ethereum Is Far From “Ultrasonic Money”