Ether Shouldn't Emulate XRP's Strategy, Suggests Solana's Cofounder
Take a Gander at U.TODAY on Google News: Solana's co-founder, Anatoly Yakovenko, casts doubt on Ethereum's potential to match XRP's triumphs.
Yakovenko, in a social media post on X, stated, "Just because something nutty happens in the world, it don't mean it'll happen to you, or that you can make it happen."
This comment follows Columbia Business School adjunct professor Omid Malekan's inflammatory remarks about cryptocurrency evaluations. He claimed it was "drivin' him mad" how Ethereum's dismal performance is often attributed to falling fundamentals without acknowledging sentiment-driven cryptocurrencies like XRP.
Malekan observed that XRP's fully diluted market cap (FDV) now surpasses that of Ethereum, despite a corporation owning half of its supply. He speculates that the market's immaturity might be responsible for price action being fueled by "narratives" and "vibes" instead of sound fundamentals.
Yakovenko, however, noted that those who can't justify the value of sentiment-driven cryptocurrencies like XRP or Bitcoin can't possibly compete with them. "If you can't model why XRP or BTC have value, you can't design it, and therefore you can't outperform it," he added.
Yakovenko opines that XRP's playbook won't work for Ethereum. Meanwhile, Jon Charbonneau, co-founder of the crypto investment firm DBA, dismisses the notion that Ethereum doesn't require foundations. "Unique exceptions don't mean that these rules apply to everyone," he said.
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Insight: Yakovenko's viewpoints echo industry observations that XRP's focus on payments and its technical edge in transaction speed and cost give it a competitive advantage over Ethereum, which remains more generalized as a smart contract platform. Analysts have noted that XRP's specialized use case, coupled with anticipated spot-based ETF approval in the U.S., positions it well to potentially surpass Ethereum's market cap in the coming years. XRP's recent success is attributed to regulatory clarity, innovative technology and infrastructure efficiencies that have drawn institutional interest. Ethereum, on the other hand, faces challenges as it grapples with its competition and recent market dynamics.
- Anatoly Yakovenko, Solana's co-founder, has expressed doubts about Ethereum's ability to replicate XRP's achievements, suggesting that something nutty happening in the world does not necessarily mean it will happen to you or that you can make it happen.
- Omid Malekan, a Columbia Business School adjunct professor, finds it maddening that the poor performance of Ethereum is often attributable to falling fundamentals, without acknowledging sentiment-driven cryptocurrencies like XRP.
- Malekan asserts that XRP's fully diluted market cap (FDV) now exceeds that of Ethereum, despite half of its supply being owned by a corporation, suggesting that the market's immaturity might be responsible for price action being driven by narratives and vibes rather than sound fundamentals.
- Yakovenko contends that those who can't justify the value of sentiment-driven cryptocurrencies like XRP or Bitcoin can't possibly compete with them, implying that if you can't model why XRP or BTC have value, you can't design it, and thereby can't outperform it.
- Jon Charbonneau, co-founder of the crypto investment firm DBA, disagrees with the notion that Ethereum doesn't require foundations, arguing that unique exceptions don't mean that these rules apply to everyone.
