The founder of derivatives liquidity protocol Synthetix, Kain Warwick, believes a number of new smart contract blockchains are now legitimate rivals to Ethereum.
In a new interview with UpOnly, Warwick says the pace of Ethereum’s development has allowed competitors to enter the fray.
“We now have allowed genuine competitors to emerge that are a threat to the Ethereum ecosystem. And we need to address that as a community. We need to be pragmatic about things and we need practical solutions that work now…
If you say, ‘Well, we’re going to wait for a perfect solution. We’re not going to be pragmatic about this. We’re going to just keep doing what we’re doing until we design something that’s amazing and has no trade-offs and solves every problem,’ other people will come along and they will be pragmatic.”
On the flip side, the Synthetix founder points out that scaling solutions such as Arbitrum and Polygon are boosting Ethereum’s competitiveness against blockchains such as Solana (SOL) and Binance Smart Chain (BSC).
“I think we’re getting there. So Arbitrum is getting close to launch, we have Polygon… There are things within the Ethereum ecosystem that are starting to work, that are starting to you know offset the value proposition of Solana and BSC.
But we’ve got a lot of work to unwind them. And had we done these things earlier, you know we probably wouldn’t have as much to kind of unwind.”
Featured Image: Shutterstock/Konstantin Tronin