• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Picture of a gold bitcoin and a silver Ethereum standing next to each other

Polygon Founder Says Ethereum Is Set To Replace Bitcoin As The Global Standard

Best Owie by Best Owie
2 years ago
in Ethereum
Reading Time: 3 mins read

Bitcoin still remains the top crypto project in the space. But it no secret that Ethereum has been quickly catching up with the pioneer cryptocurrency. Ethereum’s decentralized finance (DeFi) use cases have been the major contributor behind this space as investors have flocked to the blockchain to earning returns on their crypto holdings. This has given rise to popular Layer 2 solutions like Polygon.

Recently, co-founder and COO of Polygon Sandeep Nailwal was on Cointelegraph to talk about the future of the leading smart contracts blockchain. Ethereum is the number 2 layer 1 blockchain, only behind bitcoin. And Nailwal believes that it is only a matter of time before the blockchain takes over as the leading Layer 1 protocol. He credits this to a number of reasons and differences between the two blockchains.

Related Reading | Over $5 Billion In Bitcoin And Ethereum Moved From Cold Wallets Amid China Crackdown

The DeFi Space Is Booming

During an exclusive interview with Cointelegraph, the COO outlines the reasons why Ethereum was set to take over from bitcoin as the leading layer 1 protocol. Nailwal cited the growth of the DeFi space as a major push for this takeover. This is because the majority of the decentralized finance activities were carried out on Ethereum, which made it “the ultimate settlement layer.”

Its popularity has pushed ETH to become even more valuable as a blockchain which puts it directly in a position to overtake the top cryptocurrency. “Sooner or later, ETH will outpace Bitcoin and become the global standard,” the COO said. Nailwal pointed out that Polygon will play a major role in the long-term success of the blockchain with the scalability solutions which it provides.

Related Reading | Crypto Analyst Says Ethereum Market Is A “Ticking Time Bomb”, Here’s Why

More than just beating out Bitcoin for the top spot, the co-founder expressed that the blockchain may in fact not exist 10 years from now. This is because of the limited use cases and the COO believes that if bitcoin is to survive in the future, then it needs to provide more functions than being a means of exchange and investment.

Ethereum Filtering Out The Noise

With time, a number of projects have come out of the woodwork to compete with Ethereum for the DeFi attention it is getting. Referred to as “ETH killers,” these blockchains have risen up to take market share from the leading DeFi platform. Solana has been at the forefront of this competitive movement and has grown tremendously as it went up against Ethereum.

Ethereum price chart from TradingView.com

ETH price rebounds above $3,200 | Source: ETHUSD on TradingView.com

Despite the growing popularity of other Layer 1 solutions, the co-founder of Polygon does not believe that there is any blockchain that can take over Ethereum. The layer 1 solution has maintained a majority share of the market despite the rise of its competitors.

Ethereum will most likely maintain the top spot in the market for the foreseeable future. And with proof of stake scheduled to come to the blockchain next year, ETH is set to dominate both the DeFi and crypto space.

Chart from TradingView.com
Tags: bitcoinbtcETHethereumethereum network
Tweet123Share196ShareSend
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

Related Posts

Ethereum

Ethereum Correction: Key Level Break Can Shift Price Course

17 hours ago
Ethereum (ETH) Block Size Surges

Ethereum’s Block Size Surges To 1-Month High – What This Means For ETH

17 hours ago
Ethereum

Ethereum Encounters Resistance At Critical Level, Vital Trading Levels to Monitor

5 days ago
Ethereum (ETH) staking

Ethereum Staking Hits Over $40 Billion After Shanghai Upgrade: What It Means For ETH

5 days ago
Ethereum

Ethereum (ETH) Beacon Chain Shatters Records With $7.7 Billion Inflows

1 week ago
Ethereum

Role Reversal: Ethereum Defies Expectations With Lower Volatility Than Bitcoin

1 week ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Bware Labs Launches $INFRA Token, making high API...

    5 hours ago
  • Is InQubeta the Best Utility Crypto of 2023? Huge Growth...

    8 hours ago
  • Coinbase launches campaign to educate public on blockchain...

    9 hours ago
  • Utility Coins like Avorak AI will always outperform memes...

    9 hours ago
  • Expect Tremendous Returns for DigiToads (TOADS), Near...

    9 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.