- Polygon’s co-founder believes Ethereum has what it takes to flip Bitcoin to become the “global standard.”
- He remains bullish on Ethereum’s prospects in the face of rising competition from Cardano and Solana.
- Ethereum is the second-largest cryptocurrency and has a market capitalization of $382 billion.
Sandeep Nailwal, Polygon’s cofounder, has tipped Ethereum to surpass Bitcoin in becoming the world’s leading cryptocurrency. He cites multiple use cases of Ethereum over Bitcoin’s singular monetary function.
Watch Out Bitcoin! Here Comes Ethereum
Polygon’s co-founder Sandeep Nailwal in a recent interview has expressed his firm belief in the Ethereum project, stating that it has the potential to become the foremost cryptocurrency. He noted that ”sooner or later, ETH will outpace Bitcoin and become the global standard” while it establishes itself as the main hub for DeFi.
The co-founder argues that Ethereum’s multiple use cases give it a significant edge over bitcoin. The Ethereum ecosystem has become a thriving hub for NFTs, Dapps, and DeFi with several layer-2 projects being built on the network. Nailwal said in the interview that if Bitcoin does not evolve and expand its functionalities, he does not see it surviving in the long term.
In the journey to the top, Nailwal believes that Polygon’s aggregation of scaling solutions will help Ethereum achieve its goal of being the number one cryptocurrency. Polygon is a layer-2 project built on the Ethereum blockchain, offering increased levels of security, speed, and lower gas fees. According to its website, 700+ Dapps have leveraged Polygon’s enterprise-grade functionality.
Ethereum Killers Do Not Stand A Chance
When quizzed about the growing influence of ETH killers like Cardano, Polkadot, and Solana, Nailwal responded that it is still premature to talk about an Ethereum killer. He said, “the Ethereum chain, because of its fundamentals, security, the level of decentralization and the community and the trust that it has created as a chain over time, is just beyond the reach of any other chain.”
In recent months, protocols like Solana and Cardano have made a strong push to catch up to Ethereum. Cardano’s incorporation of smart contracts with the Alonzo upgrade has generated a flurry of activities around the network as several commentators have tipped it to be the next big thing for decentralized finance.
Solana’s value soared in recent weeks to reach an all-time high of $214.96 and currently ranks as the 7th largest cryptocurrency with a market capitalization of $46 billion. Cardano occupies third place with a market capitalization of $71 billion and currently trades at $2.22.
Why It Matters
Cryptocurrencies are in a state of constant flux with projects constantly evolving. Projects that do not improve on their functionalities may fade into obscurity in the future while contemporary projects will see their values increase exponentially.