According to Blockchain.com co-founder and CEO Peter Smith, supporting Tier 1 blockchains has been an incredibly successful investment in the past, and neither Ethereum Although he does not really threaten his throne, it may remain so in the future.
Peter Smith Speaks About “Ethereum Killers” Like Solana, Avalanche, and NEAR
According to Peter Smith Solana, Avalanche and Near Protocol like “Ethereum killer” cryptocurrencies The first wave is new Tier 1 blockchains based on Move, a programming language originally developed by Facebook engineers. aptos and sui It can also be called the second wave.
Sui’s developer company Mysten Labs is reportedly in talks to raise hundreds of millions of dollars from investors, while the team behind Aptos has already raised $350 million in two fundraisers this year.
In summary, Peter Smith believes that these two projects will soon launch their cryptocurrencies and can make serious accelerations, just like AVAX and SOL.
Despite increased competition, it’s not surprising that investors continue to invest in base-layer blockchains, as Smith says they’re still extremely profitable:
“None of these alternative Tier 1s came close to beating ETH, but they did save investors a lot of money. If you’re an early Tier 1 investor that has achieved some kind of scale, albeit small, this has yielded outstanding returns for you.
It is at this point that it becomes necessary in this conversation to distinguish between ‘will this thing have a big and meaningful impact on users and their daily lives and build the future of finance’ and ‘can we make money’ because these two things are not always the same. ”
According to Smith, the rationale for supporting Tier 1 blockchains is clear, regardless of whether they manage to challenge ETH or not, they can deliver dazzling returns in a relatively short period of time:
“We see many investors moving out of the recent successful Tier 1 investments like Solana, Avalanche, Near and into new Tier 1 investments related to Facebook.”
*Not investment advice.
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