Altcoins
BitMEX Co-Founder Arthur Hayes Predicts This Altcoin Will Overtake Solana ($SOL)
Co-founder of popular cryptocurrency derivatives trading platform BitMEX, Arthur Hayes, has set the cryptocurrency community abuzz with his prediction that Aptos ($APT) will overtake Solana ($SOL) as second largest layer 1 (L1) blockchain, behind only Ethereum, in the next two to three years.
Hayes, known for his in-depth market knowledge, offered this glimpse into the future during a recent interview with macro analyst Raoul Pal on Coin Bureau’s YouTube channel. Although details supporting his claims remain scarce, Hayes promised a more in-depth explanation in September.
Solana rose to prominence in 2020 by addressing Ethereum’s limitations in terms of scalability, transaction speed, and cost. The boom came after Circle expanded its stablecoin USDC to the Solana network, a move that came shortly after the addition of Tether’s USDT.
The price of the cryptocurrency plunged like before it collapsed. FTX had strongly supported the Solana ecosystem and was heavily invested in a number of tokens on the network, including SOL itself. The collapse affected Solana by association, but the network is gradually recovering.
Solana’s rise has further accelerated with the launch of memecoins like BONK in December 2022 and dogwifhat (WIF) in November 2023. Solana’s ecosystem has seen increasing adoption, with its Saga smartphone, which once faced to slow sales, sold recently. a lucrative airdrop of 30 million BONK tokens for every new phone owner.
Notably, Wall Street giant JPMorgan Chase has expressed skepticism on the potential approval by the United States Securities and Exchange Commission (SEC) of a Solana spot exchange-traded fund (ETF), or on the approval of such a fund providing exposure to other altcoins .
Aptos, unlike Solana which has experienced numerous outages, boasts a record of zero downtime since its launch, establishing itself as a reliable alternative in the digital currency landscape. Its basis lies in “Move”, a new smart contract programming language designed by engineers who previously worked on Meta Platforms’ Diem project.
Although Diem itself was ultimately abandoned, expertise and technological advancements were channeled to Aptos, suggesting its potential for commercial viability and widespread adoption. Yet Aptos currently does not have a robust DeFi ecosystem or the type of memecoin activity that has fueled Solana’s recent rise.
Featured image via Pixabay.