A crypto veteran trader claimed that a layer-1 blockchain project offers an opportunity just as Ethereum did four or five years ago. Chris Burniske, a partner at venture capital firm Placeholder, interviewed Bankless. In this interview wither He stated that blockchain is currently undervalued. Moreover, he thinks it has ETH-like potential as an investment.
The trader said, “I think if I had to choose an ecosystem that was contentious and worth paying attention to, and it was undervalued because of its contention, it would be Solana. Placeholder tends to pick one or two ecosystems in every bear market. However, it tends to build an aircraft carrier strategy around the ecosystem. The last bear market was ETH and Bitcoin.
When I say aircraft carrier, I mean this. Ethereumif you buy a bunch of core ETH assets, but then invest around it by really getting to know this ecosystem and who all the people who were working on lending, DEXs or asset management or whatever at the time, for example. Then you can choose the best teams among the teams that appeal to you the most from the entrepreneurial perspective. We are currently implementing the same carrier strategy for Cosmos and Solana.”
Burniske has been attracting attention as one of the traders who recently said that the crypto market bottomed out in November. Burniske listed the three most exciting ecosystems in terms of users and growth. He argued that these are Ethereum, Cosmos (ATOM) and Solana.
However, the trader notes that the valuations of Solana in the “enterprise phase” are much lower than Ethereum and Cosmos. Additionally, Solana states that their valuation is currently exactly where Ethereum was in 2018 and 2019.