Original author: Placeholder partner Chris Burniske
Original compilation: Odaily Planet Daily
Editor's note: On December 30, 2022, Solana fell into its darkest moment, with SOL once dropping to $8, the lowest price after the FTX collapse. On that day, Chris Burniske, the former crypto head of Ark Invest and current partner of Placeholder VC, had posted a "bullish article" on X, publicly calling for a long position on SOL and saying he would continue to increase his position. The rest is history - SOL has since skyrocketed, recently breaking through $240 and showing a trend of setting new highs.
Fast forward to November 2024, Ethereum has gradually fallen into a trough due to narrative bottlenecks and other factors, and on November 17, Burniske published another similar "bullish article", publicly supporting Ethereum and predicting that the chain will revive in the next few years. The following is the original content by Burniske, compiled by Odaily Planet Daily.
One of the reasons Placeholder has been focused on Solana during the previous bear market is the belief that it will become the mainstream blockchain for the general user, as it has advantages in faster speed, lower fees, and smoother transactions. This is being reflected through the MEME token craze.
But we have always been supporters of Ethereum, and that has never changed.
In the new cycle, although Ethereum may cede some of its share of the general user market to Solana (which has already happened), the Ethereum community should continue to work to consolidate the network's position as the center of the Internet Financial System (IFS). The IFS will become increasingly important between 2025 and 2030, attracting more users than we currently see.
Solana and other blockchains will also compete with Ethereum in the IFS field (which is already happening), but Ethereum still has a solid foundation, having existed for over a decade, with brand awareness second only to Bitcoin, deep liquidity, and enterprises can build their own Layer2 around Ethereum like Base.
Although everyone knows that the Layer2 architecture has the problem of liquidity fragmentation (which will be solved), it is very suitable for traditional financial enterprises, as it allows enterprises to achieve better control and directly convert profits into profits. Other blockchains like Avalanche have also been focusing on this, adopting similar subnet architectures and focusing on the IFS field.
In the recent Ethereum community activities, I am excited about the discussions around Ethereum.
The community is learning lessons. In the 2018-2021 bull market, in my view, the Bitcoin community had become complacent, thinking they had achieved success and had the upper hand. Around 2021, BTC had become a bit "outdated" and was even mocked as a "baby boomer token", which sparked a revival, which is part of the reason why Bitcoin has risen again in this cycle.
Similarly, in my view, some members of the Ethereum community have fallen into the same complacency trap from 2022 to the present, but as Ethereum is now being questioned as a laggard, many parts of the Ethereum ecosystem are about to be revived.
Just as Bitcoin has experienced a revival, we may see Ethereum go through a similar revival in the coming years, driven by self-reflection forced by competition.
The evolution of mainstream blockchains is an extremely long game - anyone who thinks they have already won the war will fall into complacency and ultimately lose everything. We look forward to seeing how the power dynamics between Bitcoin, Ethereum and Solana will evolve by 2030 and beyond.
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