A quick 3min read about today's crypto news!
Not everyone in crypto is at each other’s throats. And while the rivalry between advocates of competing protocols is real, not all up-and-coming altcoin pioneers say they want to be known as Ethereum (ETH) “killers” – particularly one of the masterminds behind Solana (SOL).
SOL’s growth has been nothing short of meteoric this year, with the authors of a recent report noting that it has expanded x45.8 in the past 12 months – and like many similarly promising altcoins is on course for a breakout 2022. Earlier this year, the coin has muscled its way into the top 10 coins per market capitalization and most recently has broken into the top 5, surpassing more established tokens like XRP.
In fact, SOL’s rate of growth in the past 12 months has outpaced that of cardano (ADA), a protocol that was arguably positioned from the outset as an ETH killer.
But in a Twitter exchange this week, the SOL co-founder Raj Gokal refuted the notion that there was any bad blood between his protocol and Ethereum.
Chris Burniske, the co-founder of the crypto venture firm Placeholder, wrote that he had given up hope of “everyone” in crypto “getting along,” adding:
“I've come to accept we are tribal in nature and competition actually fires everyone up. Is it ideal? Maybe not. Is it real? Definitely yes.”
He also wrote that “despite pretty words,” the “knives are fully out.”
The Placeholder co-founder explained that in crypto “generally people want their biggest bags to win,” particularly when it comes to “layer 1 protocols” – a factor that “will influence almost all communications.” He thus advised punters not to “take what you see and hear as truth. [K]nives are fully out.”
Burniske noted that while bitcoiners traditionally had no time for ETH advocates, “hating” them to the extent that “they never bothered to get involved.”
But, he opined, “the competition between ETH and other [smart contract layer-1 protocols] is much more intimate – this opens up more subversive avenues for disinformation and attempted sabotage.”
Gokal was adamant that Burniske was mistaken, however, writing:
“It’s not just pretty words, man. it really doesn’t have to be a fight. More key pairs are better. [U]sers will be able to switch as these platforms prove out or don’t prove out over time.”
He urged Burniske to “stop framing” the crypto scene “as a fight,” and wrote:
“‘Knives out’ implies we are trying to kill ethereum. Ethereum cannot be killed, it’s impossible. And it’s already a beautiful force of good in the world, empowering millions and creating billions in wealth. Bitcoin is quite obviously the same.”
And while Gokal conceded that Burniske might not have been referring directly to Solana, but added that he was “sad and disappointed” that “every time non-Ethereum chains like Solana see success or take big swings at growing, it’s seen as taking swings against incumbents.”
“We are trying to grow the movement.”
At 08:25 UTC, SOL trades at USD 230 and is down by 5% in a day. It skyrocketed by 11,422% in a year. At the same time, ETH changes hands at USD 4,747 and is up by 1.5% in a day. It's up by 925% in a year.____Learn more:- Multi-Chain Future Brings Multiple Competitors to Bitcoin & Ethereum - Analysts- Narratives Blur as Bitcoin and Ethereum Target Each Other's Field- Solana Founder On Critical DeFi Challenges and How To Fix Them- Ethereum Needs to Try Harder To Keep Its Dominance in a Multichain Future - Ethereum, Solana, Polygon & Co Form A New Hot Market Of Blockchains- Ethereum Developers On Why They Don’t See Cardano & Binance Chain As Rivals