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

Bitcoin nonetheless stays the highest crypto challenge within the house. However it no secret that Ethereum has been rapidly catching up with the pioneer cryptocurrency. Ethereum’s decentralized finance (DeFi) use instances have been the foremost contributor behind this house as traders have flocked to the blockchain to incomes returns on their crypto holdings. This has given rise to in style Layer 2 options like Polygon.

Just lately, 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 just a matter of time earlier than the blockchain takes over because the main Layer 1 protocol. He credit this to plenty of causes and variations between the 2 blockchains.

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The DeFi Area Is Booming

Throughout an unique interview with Cointelegraph, the COO outlines the the reason 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. It’s because nearly all of the decentralized finance actions had been carried out on Ethereum, which made it “the last word settlement layer.”

Its recognition has pushed ETH to develop into much more invaluable as a blockchain which places it instantly able to overhaul the highest cryptocurrency. “In the end, ETH will outpace Bitcoin and develop into the worldwide customary,” 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.

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Extra than simply beating out Bitcoin for the highest spot, the co-founder expressed that the blockchain could actually not exist 10 years from now. That is due to the restricted use instances and the COO believes that if bitcoin is to outlive sooner or later, then it wants to supply extra capabilities than being a method of trade and funding.

Ethereum Filtering Out The Noise

With time, plenty of initiatives have come out of the woodwork to compete with Ethereum for the DeFi consideration it’s getting. Known as “ETH killers,” these blockchains have risen as much as 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 | Supply: ETHUSD on TradingView.com

Regardless of the rising recognition of different Layer 1 options, the co-founder of Polygon doesn’t imagine that there’s 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 almost definitely keep the highest spot out there for the foreseeable future. And with proof of stake scheduled to come back to the blockchain subsequent 12 months, ETH is about to dominate each the DeFi and crypto house.

Chart from TradingView.com

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