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Multicoi Capital co-founder Kyle Samani believes that Ethereum's dominance in the market may decline in the future. According to him, there are other platforms that offer similar services and could erode some of Ethereum's position in space. Ethereum is the third largest digital asset in the market. Samani said this during a conversation with Business Insider.
The percentage of dominance of the Ethereum market could see a reduction
According to Kyle Samani, co-founder of the cryptographic fund Multicoin Capital, Ethereum could have difficult times in the future. While the cryptography market continues to expand, other blockchain projects could potentially question the dominance of Ethereum in the industry.
During an interview with Business Insider, he explained that although Ethereum will still be the dominant blockchain to launch Initial Coin Offerings (ICOs), there will be others that will challenge it. He mentioned in particular Cosmos and Dfinity as possible growing platforms. However, there are others like Tron (TRX) and EOS (EOS) that are growing and expanding very fast.
Tron and EOS are recording new decentralized applications (dApps) launched on their networks. Furthermore, the number of active portfolios, transactions and users continues to grow in both networks.
Dfinity had a financing round which was led, among others, by the venture capital company Andreessen Horowitz. At the same time, they announced that they would launch the first "internet computer" platform.
Cosmos is also working in blockchain interoperability. The intention is to create new interoperability blockchains and revolutionize the entire encrypted market. This project aims to create a decentralized network with independent parallel blockchains. They call it "internet of blockchains".
At the same time, they want to create a decentralized exchange (DEX) that can compete with centralized exchanges. In general, centralized exchanges are faster and easier to use than DEX. This is also one of the reasons why DEX have not been able to grow in recent years.
Binance is one of the companies that is currently developing a decentralized exchange. Several analysts expect it to be the first DEX that focuses on usability and that would be accepted by several customers.
On the issue, Samani commented:
"Binance realizes that the biggest threat to their business is represented by decentralized exchanges – on a fairly long time scale, they believe it is likely to become a form of dominant exchange." As such, they aim to destroy themselves as pioneers here. "
At the time of writing this article, Ethereum has a market capitalization of $ 12.2 billion. Each ETH coin can also be purchased for $ 116.94, according to CoinMarketCap.
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