Arthur Hayes dumps Solana for Ether, cites divine inspiration

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Solana would be the speak of the crypto funding crowd as of late, however one eccentric investor is betting that Ether will come up trumps.

Arthur Hayes, co-founder and former CEO of crypto trade BitMEX says he has exited his Solana investments in favor of Ether. In an X publish on Dec. 22, Hayes “confessed” to pivoting from Solana to Ether primarily based on divine inspiration, “a msg (sic) from the Lord whereas meditating,” he stated.

Hayes backs Ether

Hayes has beforehand been crucial of Solana, even expressing scathing opinions of the venture when he acquired the tokens in November 2023. Nonetheless, the previous BitMEX chief did state that Solana may exceed the $100 worth mark primarily based on its present rally.

By dumping Solana for Ether, Hayes appears to be bucking the prevailing narrative. Solana has outperformed Ether amid the present renaissance within the crypto market. Solana’s spot worth is up over 667% this yr in comparison with Ether which has solely managed 88.5%.

Nonetheless, Hayes says Ether will attain $5,000 with out giving a timeframe, eclipsing the coin’s earlier peak of over $4,800 achieved again in November 2021. 

Ethereum v Solana: A story of two blockchains

Worth apart, the funding thesis for Ethereum and Solana has grown disparate in latest instances, a minimum of because the proliferation of makes an attempt to make the previous extra scalable utilizing layer-2 blockchains. Solana, in the meantime, has retained its monolithic construction of just one layer. 

The final two years have seen the emergence of a number of Ethereum layer-2 networks like Arbitrum and Optimism. Even centralized exchanges like Coinbase have launched their very own layer-2 networks.

Ethereum and its array of layer-2 networks have develop into a sprawling DeFi scene that also outstrips all different opponents together with Solana. 

Regardless of its latest renaissance, Solana’s complete DeFi investments, a metric tracked by complete worth locked (TVL), is simply $1.35 billion, in response to DefiLlama information. For comparability, Arbitrum, an Ethereum layer-2 has a TVL of $2.4 billion.

Solana with its monolithic construction and Ethereum’s array of layer-2 networks shouldn’t be the one path being taken within the blockchain improvement entrance. Modular blockchains like Celestia, with their interconnected elements, are additionally one other class.

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