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Polygon Founder Says Ethereum Is Set To Replace Bitcoin As The Global Standard

Bitcoin nonetheless stays the highest crypto undertaking within the house. But it no secret that Ethereum has been shortly catching up with the pioneer cryptocurrency. Ethereum’s decentralized finance (DeFi) use circumstances have been the main contributor behind this house as traders have flocked to the blockchain to incomes returns on their crypto holdings. This has given rise to widespread Layer 2 options like Polygon.

Recently, co-founder and COO of Polygon Sandeep Nailwal was on Cointelegraph to speak about the way forward for the main sensible contracts blockchain. Ethereum is the quantity 2 layer 1 blockchain, solely behind bitcoin. And Nailwal believes that it is solely a matter of time earlier than the blockchain takes over because the main Layer 1 protocol. He credit this to quite a few causes and variations between the 2 blockchains.

Related Reading | Over $5 Billion In Bitcoin And Ethereum Moved From Cold Wallets Amid China Crackdown

The DeFi Space Is Booming

During an unique interview with Cointelegraph, the COO outlines the the explanation why Ethereum was set to take over from bitcoin because the main layer 1 protocol. Nailwal cited the expansion of the DeFi house as a serious push for this takeover. This is as a result of the vast majority of the decentralized finance actions have been carried out on Ethereum, which made it “the ultimate settlement layer.”

Its recognition has pushed ETH to turn out to be much more helpful as a blockchain which places it immediately ready to overtake the highest cryptocurrency. “Sooner or later, ETH will outpace Bitcoin and become the global standard,” the COO mentioned. Nailwal identified that Polygon will play a serious function within the long-term success of the blockchain with the scalability options which it offers.

Related Reading | Crypto Analyst Says Ethereum Market Is A “Ticking Time Bomb”, Here’s Why

More than simply beating out Bitcoin for the highest spot, the co-founder expressed that the blockchain could in truth not exist 10 years from now. This is due to the restricted use circumstances and the COO believes that if bitcoin is to survive sooner or later, then it wants to present extra features than being a way of change and funding.

Ethereum Filtering Out The Noise

With time, quite a few initiatives have come out of the woodwork to compete with Ethereum for the DeFi consideration it is getting. Referred to as “ETH killers,” these blockchains have risen up to take market share from the main DeFi platform. Solana has been on the forefront of this aggressive motion and has grown tremendously because it went up in opposition to Ethereum.

Ethereum price chart from TradingView.com

ETH value rebounds above $3,200 | Source: ETHUSD on TradingView.com

Despite the rising recognition of different Layer 1 options, the co-founder of Polygon doesn’t imagine that there is any blockchain that may take over Ethereum. The layer 1 resolution has maintained a majority share of the market regardless of the rise of its rivals.

Ethereum will most certainly preserve the highest spot out there for the foreseeable future. And with proof of stake scheduled to come to the blockchain subsequent yr, ETH is set to dominate each the DeFi and crypto house.

Chart from TradingView.com

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