The Ethereum vs. Solana debate took a turn again in the third week of March after Solana achieved an important milestone.
first of all, Solana (SOL) Search interest on Google Trends surpasses Ethereum (ETH). This indicates a surge in retail interest in SOL compared to ETH.
Additionally, SOL ranked in the top three by market capitalization by converting BNB. DeFi ranking.
Recent cryptocurrency influencer Anthony Pompliano interviewed Arthur Hayes is a serial investor, co-founder, and former CEO of BitMEX.
He was asked his thoughts on the ETH vs. SOL debate, and Hayes gave his honest opinion.
“I don’t think anything will happen to ETH.”
However, he added that Ethereum is the home of DeFi and hosts most of the first versions of decentralized applications (dApps) before they are launched on other networks.
“If you think about the fundamentals of DeFi and dApps, the first version is always on Ethereum. Not in Solana, AVAX, Cardano or any other blockchain.”
However, Hayes highlighted why DeFi applications may migrate to other networks such as Solana.
“There are probably reasons such as network expansion, gas prices, etc. Then they move to Solana or another chain.”
He added,
“However, it is unlikely that we will see new fundamentals appear first on non-ETH chains. “If that starts to happen, we may have to change our minds about our maximalist stance on ETH.”
If you “missed out” on discounted ETH, Solana is a good option.
Interestingly, Hayes confirmed that he trades mostly L1, but clearly emphasized that Solana is a good opportunity for anyone who missed out on cheap ETH.
“Solana is a better version of ETH. I don’t agree, but they believe that. It could trade as high as $5K-$10K this cycle. So buying at $140 is a nice asymmetric risk profile.
He also emphasized that Solana’s UX/UI is the best in the ecosystem and is easy to use. Hayes believes these conditions will allow Solana to perform at its best this cycle.