Popular Trader and Crypto influencer Austin Arnold in a new video, assess the chances of Ethereum outperforming Bitcoin this year.
As Exhibit A, he refers to the excerpts from Lex Fridman’s Podcast with Bitcoin proponent Nic Carter. In which he says, that there is a genuine possibility for Ethereum to overtake Bitcoin.
Furthermore, it does not compete with BTC on its most profound qualities. and doesn’t aspire to be more sound from a monetary perspective than Bitcoin.
ETH doesn’t compete to be as decentralized as Bitcoin either, because it is governed by a good leadership of Buterin and Ethereum Foundation. They know Bitcoin is the leader in terms of smart money or digital gold. Hence, they have ventured into all other trade-offs making them a wide platform.
Hardforks on Ethereum
Carter says Ethereum’s default way to change things is their hardforks, whereas they are rare on Bitcoin. This makes it more adaptive and dynamic and also exposes them to risk with every change.
Exciting Projects in the Pipeline
Moving further the analyst sheds light on layer 2 solutions coming out this year on Ethereum. First up is Immutable X, the first layer 2 scaling solution for NFT on Ethereum, which has integrated with OpenSea.
Despite the high gas fees, many projects are being built on the platform, there are other scaling projects on the website too, which look pretty happening.
“Ethereum is going to be here for the next few years, the only question is how it is going to accrue more value Vs Bitcoin…It could accrue more value than Bitcoin… it’s a possibility”.
Next up, he notes another layer 2 scaling solution on Ethereum which is Polygon(MATIC). As Defi platforms, Zapper and Aave have announced Polygon sidechain integration.
In an even cooler development, Popular artist “The Weekend‘s first NFT drop on Saturday is with Nifty Gateway, on Gemini’s platform. Which indeed runs on Ethereum.
“…if you are looking at the different metrics like Nic Carter is, Probably seeing that Ethereum’s ecosystem is growing whether it be users, whether it be Layer 2 or whatever, Ether is certainly one to watch”.