Ethereum, the blockchain platform known for its smart contract functionality, is turning heads in the crypto world. As various Layer 1 solutions face a decline, Ethereum seems to be emerging as a powerhouse, attracting various tokens, NFTs, and even struggling financial companies. Adam Cochran, a prominent Crypto KOL, took to Twitter to share his thoughts, painting a vivid picture of Ethereum’s rising dominance.
Ethereum’s position as the industry’s leading smart contract platform is proving irresistible for many tokens and non-fungible tokens (NFTs) looking to take advantage of its liquidity, even if it means dealing with higher gas fees.
Dying L1s and Ethereum’s L2 Embrace
According to Cochran, dying Layer 1 solutions are gradually transforming into Ethereum’s Layer 2s (L2s) due to its resilience and adaptability in a fast-changing crypto landscape. As Cochran puts it, “Every dying L1 slowly becoming an Ethereum L2.”
Financial Companies and the Stablecoin Surge
Struggling financial companies are also gravitating towards Ethereum, issuing stablecoins on the platform. Cochran views this trend as a sign of desperation, as dying companies are often willing to adopt bleeding-edge tech at scale in a bold last-minute play.
Neon on Solana: A Case in Point
Cochran also cited the example of Neon on Solana, an EVM (Ethereum Virtual Machine) on top of Solana. He suggested that even Solana could have a version of its system as an Ethereum L2, further cementing Ethereum’s central position.
In his tweets, Cochran also had some advice for crypto enthusiasts and investors. He urged people to be willing to go where the market leads and warned against being too attached to specific investments, stating, “Just don’t ever marry your bags.”
Is this the dawn of a new Ethereum Era? Only time will tell, but one thing is clear: Ethereum’s gravitational pull is strong, and it’s drawing in everything from dying L1 solutions to financial companies on the brink.
Source: coinpedia.org