Ever since Ethereum’s protocol was strengthened, the ecosystem continues to receive praise from crypto players. Arthur Hayes, the co-founder of the Bitmex exchange not only predicts a bright future for it, but thinks it will surpass its rivals.
Ethereum (ETH) has an asset that will make the difference: its developers
Arthur Hayes, co-founder of the Bitmex exchange, during a interview with Crypto Banter revealed his predictions for the next bull market cycle. According to him, the main rivals of Ethreum, especially those of layer 1, probably have no chance of overtaking it in terms of market capitalization.
“It would make sense to give credit to all ecosystems, whose prices are currently low, because they will rise quickly. Now, I don’t think anything comes close to competing with Ethereum. What I’m saying is not based on transactions per second, etc. It is the talent of the developers. Ethereum has a few thousand developers. In the rankings, the next blockchain might have a few hundred, and that’s all that matters. Developers create this ecosystem. They build the apps”did he declare.
Arthur Hayes points to Solana
For the former CEO of Bitmex, the development of ecosystems during the next bull cycle will also depend on their storytelling. He took the example of Solana to illustrate his point. According to him, developers face the challenge of finding a new narrative for the next bull market cycle. According to the crypto expert, the hype around transactions per second and lower fees cannot work forever.
“If you think about it, all the other layer 1s have teams that basically copy and paste everything that was created on Ethereum (…) Take Solana. Do they really have something to give the market in the next cycle? What will they bring to the market in the next cycle? Because if those are just the arguments that Ethereum is slow, it’s processing too many transactions, gas fees are high, we’re faster because of some fancy math we wrote down on a piece of paper, and our network of tests is really fast, it’s not enough. It works the first time. But it doesn’t work the second time”he said.
Finally, Arthur Hayes indicates that the criticisms he issues will not prevent him from buying these cryptos if the opportunity arises. “If the technical situation on the price chart looks good, then I will invest in some of these projects”, said the investor, who is one of Ethereum’s biggest supporters. He has already predicted that Ethereum (ETH) will hit $3,000.
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