Ethereum will continue to outperform its competitors, according to Joey Krug, chief investment officer at digital asset investment firm Pantera Capital. In addition, he believes that Vitalik Buterin’s project can handle 50% of the world’s financial transactions over the next decade.

Chief Investment Officer Joey Krug | Source: Pantera Capital

Competitors have no chance of outperforming Ethereum

In interview Krug recently predicted at Bloomberg that Ethereum could continue to thrive and become one of the dominant projects in the global financial space. Therefore, it is possible that in the next 10 to 20 years half of the world’s currency transactions will involve this protocol.

“In the next 10 to 20 years, a very large percentage, perhaps even more than 50% of financial transactions worldwide, could directly or indirectly involve Ethereum.”

In the past year, projects with the nickname “ETH destroyer” such as Solana and Polkadot gained in importance. You will also get great investments and public attention. However, Krug believes these competing networks cannot pose a threat to Ethereum’s dominance.

Critics of the second largest blockchain project often argue that it has expensive fees and slow transaction speeds. At the same time, the current proof-of-work mechanism consumes a lot of energy and is bad for the environment.

It’s worth noting, however, that Ethereum is in the process of moving to a more sustainable mining model: proof-of-stake. CIO Pantera Capital believes the new mechanism will improve the project’s reputation in the crypto industry once the transition is complete.

Pantera Capital was one of the earliest digital asset investment firms when it launched the first bitcoin-focused mutual fund in the United States in 2013. According to Krug, ETH, the token of the Ethereum network, is one of Pantera’s top three positions on the balance sheet.

JPMorgan says Ethereum is losing its dominance

Last week, analysts at the multinational investment banking giant, including CEO Nikolaos Panigirtzoglou, noted that Ethereum is slowly losing its dominant position in the DeFi ecosystem. They argue that blockchain protocols like Terra, Avalanche, and Solana will have become strong competitors by 2021.

As a result, Ethereum’s dominance in this area has dropped from almost 100% at the beginning of last year to around 65% by the end of the year. The experts concluded that the second largest crypto project is expected to upgrade its network in 2023, which means that its competitors will have an advantage in closing the void further over the next 12 months.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page