Editor's note: Solana fell into its darkest moment on December 30, 2022, when $SOL fell to $8, the lowest price after the collapse of FTX. On the same day, Chris Burniske, former head of encryption at Ark Invest and now partner at Placeholder VC, published a "milk article" on X, publicly calling for a long position in $SOL and stating that he would continue to add positions. Everyone knows the story after that. $SOL has been soaring and has recently exceeded $240. It is likely to continue to hit new highs.
Image source: (Shenchao TechFlow)
Time came to November 2024, and Ethereum gradually fell into a low ebb due to narrative bottlenecks and other reasons. Burniske once again published a similar "milk article" on November 17, publicly supporting Ethereum and predicting that the chain will renaissance in the coming years. The following is the original content of Burniske, compiled by Odaily Planet Daily.
During the last round of bear market, one of the reasons why Placeholder has always paid attention to Solana is that it believes that it will become a mainstream blockchain for ordinary users because it has user experience advantages such as faster speed, lower fees, and smoother transactions. This is manifesting itself through the meme token craze and more.
But we have been supporters of Ethereum from the beginning to the end, and this has never changed.
In the new cycle, although Ethereum may lose some of its market share to general users to Solana (it has already happened), the Ethereum community should continue to work hard to consolidate the network as an Internet Financial System (IFS) central position. IFS will become even more important in 2025-2030, attracting more users than we are currently seeing.
Solana and other blockchains will also compete with Ethereum in the IFS industry (happening now), but Ethereum still has a solid foundation, it has been around for more than a decade, has brand recognition second only to Bitcoin, and has deep liquidity , enterprises can also build their own Layer 2 around Ethereum like Base.
Although everyone knows that Layer 2 architecture has the problem of liquidity fragmentation (which will be solved), it is suitable for traditional financial enterprises because it allows enterprises to achieve better control effects and convert profits directly into profits. Other blockchains such as Avalanche have also been paying attention to this, and they have also adopted a similar subnet architecture and focused on the IFS industry.
I was excited by the discussion surrounding Ethereum at recent Ethereum community events.
The community is learning its lessons. During the 2018-2021 bull run, it seemed to me that the Bitcoin community had fallen into complacency because they believed they had succeeded and had the upper hand. Around 2021, Bitcoin was a bit "outdated" and was even ridiculed as a "baby boomer token", which sparked a renaissance, which is part of the reason why Bitcoin is rising again in this cycle.
Similarly, it seems to me that some members of the Ethereum community have fallen into the same complacency trap from 2022 to now, but because Ethereum is now being questioned as a laggard, many parts of the Ethereum ecosystem are about to re-establish themselves. Rejuvenated.
Just like the renaissance that Bitcoin has experienced, we may see Ethereum go through the same renaissance in the coming years, one driven by self-reflection forced by competition.
The evolution of mainstream blockchain is an extremely long game – anyone who thinks they’ve won the war too early will fall into complacency and ultimately lose everything. We look forward to seeing how the status quo of Bitcoin, Ethereum, and Solana evolves in 2030 and beyond.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reproduced with permission from: (Shenchao TechFlow)
Original article by Chris Burniske, Placeholder
Compiled by: Azuma, Odaily Planet Daily
"I used to praise SOL 8 mg! The boss started to "call for orders" for Ethereum, is the second brother about to take off? 』This article was first published in "CryptoCity"
