According to Messari analysts, the multi-chain future will force both current crypto market leaders Bitcoin (BTC) and Ethereum (ETH) to cede some of their positions to new altcoin projects and Blockchains. However, it is thought that BTC and ETH can continue to remain a store of value. Speaking at the Mainnet 2021 summit, the CEOs touched upon the multi-chain future in detail. Terra (LUNA) founder Do Kwon and Messari analysts explained:
Multi-chain brings many competing altcoins against BTC and ETH
Speaking during a conversation with analyst Wilson Withiam and Messari CEO Ryan Selkis at Messari’s Mainnet 2021 event on Monday, Ryan Watkins said that the current multi-chain environment provides “many ways to be productive with your capital,” and the question is, he really thinks how Bitcoin might take in the future. :
While people in Bitcoin are more macro-oriented, Ethereum (ETH) and other cryptocurrency investors are more growth-oriented.
However, he added that it will continue to exist and be sustained in both cryptocurrencies, while also adding that Bitcoin is not the only store of value in existence and that Bitcoin could very well be surpassed by any other cryptocurrencies. At this point, Wilson Withiam, an analyst at Messari, agreed, saying, “The store of value plus utility will be more than just store of value.” He also added that it is difficult to see another crypto overtake Bitcoin’s market cap if it has more benefits.
Commenting further on the multi-chain future, Withiam said that in the various Blockchain platforms currently in use, “an entire economy is being built” that includes much more than just Ethereum. Withiam added the following statements to the market:
There is still a lot of speculation. Eventually, “true value” will emerge from many of these projects, particularly decentralized finance (DeFi).
Do Kwon shares his views on the multi-chain future
Meanwhile, in another panel discussion at the same event, Do Kwon, founder of the smart contract protocol Terra (LUNA), shared the feeling for the idea of a multi-chain future and said that “putting all applications at risk is a bad idea”. One global computer,” just as it is a bad idea for everyone in the world to live in the same city. The Terra founder said emerging layer-1 protocols such as Avalanche (AVAX) and Solana (SOL) have a “living ecosystem” that makes it possible to “build great products” on top of them.
Basically, regardless of what kind of use cases are built on top of a Blockchain, perhaps it makes sense to have a multi-chain future.
Bitcoin and Ethereum by percentage of total market cap at the time of writing:
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