CIO of Pantera Capital: Ethereum will soon be behind 50% of all financial transactions

CIO of Pantera Capital: Ethereum will soon be behind 50% of all financial transactions

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Answer CIO of Pantera Capital: Ethereum will soon be behind 50% of all financial transactions

Digital currencies play an important role in the arena of global financial transactions.

Although its role is still relatively small, things will change in the future, at least according to Joy Krug, chief investment officer at digital asset investment firm Pantera Capital.

Krug stated that Ethereum will continue to outperform its competitors.

The CEO also believes that Ethereum could facilitate 50% of global financial transactions in the next decade.

Ethereum competition from new projects:

In a recent interview withBloombergJoy Krug, one of the early DeFi developers and CIO at Pantera Capital, predicted that Ethereum could continue to evolve to the point of becoming a dominant part of the global financial space, and as such, it is possible that in The next ten to twenty years, half of global monetary transactions could involve the Ethereum blockchain, he added:

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If you roll the clock forward 10-20 years, a very large percentage, perhaps even more than 50%, of global financial transactions in some way will be built on Ethereum.

Over the past year, several projects have earned the label “Ethereum Killers” such as Solana and Polkadot.

These projects have also received significant amounts of funding and public interest.

However, Krug believes that these competing networks will not pose a significant threat to Ethereum’s dominance.

Critics of the second largest blockchain project often claim that it has exorbitant fees and a slow speed of transactions.

At the same time, the current proof-of-work mechanism is seen as energy-intensive and harmful to the environment.

However, it should be noted that Ethereum is in the process of shifting to a more sustainable Proof of Stake model.

JP Morgan: Ethereum Loses Its Dominance

Last week, analysts at the multinational investment bank, including General Manager Nikolaos Panegirzoglu, told Ethereum that Ethereum is gradually losing its dominance in the decentralized finance (DeFi) ecosystem.

They saw that blockchain protocols such as Terra, Avalanche and Solana emerged as strong competitors in 2021.

Read:List of the most important Ripple partners and users of the digital currency (XRP)

As a result, Ethereum’s space supremacy has fallen from about 100% at the beginning of last year to about 65% at the end of it.

Bearing in mind that the second largest crypto project is expected to upgrade its network in 2023 which may mean that its competitors may close the gap further over the next 12 months, experts concluded.

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