Ethereum Won't Become Store Of Value, Underperforms Solana Due To Layer-2 Chains, Says Crypto VC
Ethereum Won't Become Store Of Value, Underperforms Solana Due To Layer-2 Chains, Says Crypto VC
He sees no place for non-productive assets in investment portfolios, viewing both Kyle Samani, managing partner at Multicoin Capital, offered a candid assessment of Ethereum's (CRYPTO: ETH) recent price underperformance relative to competitors like Solana (CRYPTO: SOL).
Multicoin Capital（多幣資本）的管理合夥人Kyle Samani對於以太幣（CRYPTO: ETH）相對競爭對手Solana（CRYPTO: SOL）的最近價格表現給予了坦誠的評估。
What Happened: In an interview with crypto podcast Bankless, Samani attributed the underperformance largely to two key factors:
發生了什麼：在接受加密貨幣播客Bankless的採訪中，Samani認爲這種表現的主要原因有兩個方面：
- Broken Layer-2 interoperability: Users face a frustrating experience when trying to move assets between Ethereum's various Layer-2 blockchains like Arbitrum (CRYPTO: ARB) and Optimism (CRYPTO: OP). Thus, many prefer the simpler, unified experience on chains like Solana. Samani is skeptical that Ethereum can fully solve this problem given the diverging incentives of different Layer-2 projects.
- Value capture shifting to Layer-2s: Samani argues that by outsourcing execution to Layer-2s, Ethereum has given up its primary source of value capture—miner extractable value, the amount miners get paid for ordering transactions. He believes transaction fees will trend toward zero, leaving MEV as the only real source of value for blockchains.
- 破碎的Layer-2互操作性：用戶在嘗試在以太幣的各種Layer-2區塊鏈之間轉移資產時面臨令人沮喪的體驗，比如Arbitrum（CRYPTO: ARB）和Optimism（CRYPTO: OP）。因此，很多人更喜歡在Solana等鏈上獲得更簡單、統一的體驗。Samani對於以太幣能否完全解決這個問題表示懷疑，因爲不同的Layer-2項目之間的刺激機制有所不同。
- 價值捕獲轉向Layer-2：Samani認爲，通過將執行外包給Layer-2，以太幣放棄了其主要的價值捕獲來源——礦工可提取價值，即礦工爲交易排序而獲得的報酬金額。他認爲交易費用將趨近於零，在區塊鏈領域中，MEV將成爲唯一真正的價值來源。
Samani rejects the notion that Ethereum can become "money" or a store of value, arguing that its volatility makes it unsuitable for everyday transactions or long-term contracts.
Samani反駁了以太幣可以成爲"貨幣"或保存價值的觀點，認爲其波動性使其不適合日常交易或長期合約。
He sees no place for non-productive assets in investment portfolios, viewing both Bitcoin (CRYPTO: BTC) and Ethereum's monetary premium narratives skeptically.
他認爲投資組合中沒有非生產性資產的位置，對比特幣（CRYPTO: BTC）和以太幣的貨幣溢價敘事持懷疑態度。
Also Read: The 2 Technical Analysis Scenarios For Bitcoin (And Why Ethereum Just Can't Catch A Break)
還閱讀：比特幣（BTC）的2種技術分析場景（以及以太幣（ETH）爲何不能倖免）
Why It Matters: Overall, Samani paints a challenging picture of Ethereum's future, suggesting its current $300 billion valuation may be difficult to justify given these structural issues.
爲什麼重要：總的來說，Samani描繪了以太幣未來的挑戰性畫面，暗示其目前的3000億美元估值可能難以通過這些結構性問題來證明。
While acknowledging Ethereum's strong network effects, he believes competitors like Solana offer a superior user experience that will continue to attract capital over time.
儘管承認以太幣擁有強大的網絡效應，但他認爲Solana等競爭對手提供了更優越的用戶體驗，將繼續吸引資金。
What's Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
下一步：預計以太幣作爲一種機構資產類別的影響力將在11月19日的Benzinga未來數字資產活動中得到全面探討。
- Will Solana Still Hit A New All-Time High Against Bitcoin? Analyst Sees 'Consolidation And Correction' Next
- solana還會在對比特幣的基礎上創造新的歷史新高嗎？分析師認爲接下來將出現「整理和修正」。
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