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
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（多币资本）的管理合伙人Kyle Samani对于以太坊（CRYPTO: ETH）相对竞争对手Solana（CRYPTO: SOL）的最近价格表现给予了坦诚的评估。
What Happened: In an interview with crypto podcast Bankless, Samani attributed the underperformance largely to two key factors:
发生了什么：在接受加密货币播客Bankless的采访中，Samani认为这种表现的主要原因有两个方面：
- 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：用户在尝试在以太坊的各种Layer-2区块链之间转移资产时面临令人沮丧的体验，比如Arbitrum（CRYPTO: ARB）和Optimism（CRYPTO: OP）。因此，很多人更喜欢在Solana等链上获得更简单、统一的体验。Samani对于以太坊能否完全解决这个问题表示怀疑，因为不同的Layer-2项目之间的刺激机制有所不同。
- 价值捕获转向Layer-2：Samani认为，通过将执行外包给Layer-2，以太坊放弃了其主要的价值捕获来源——矿工可提取价值，即矿工为交易排序而获得的报酬金额。他认为交易费用将趋近于零，在区块链领域中，MEV将成为唯一真正的价值来源。
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反驳了以太坊可以成为"货币"或保存价值的观点，认为其波动性使其不适合日常交易或长期合约。
He sees no place for non-productive assets in investment portfolios, viewing both Bitcoin (CRYPTO: BTC) and Ethereum's monetary premium narratives skeptically.
他认为投资组合中没有非生产性资产的位置，对比特币（CRYPTO: BTC）和以太坊的货币溢价叙事持怀疑态度。
Also Read: The 2 Technical Analysis Scenarios For Bitcoin (And Why Ethereum Just Can't Catch A Break)
还阅读：比特币（BTC）的2种技术分析场景（以及以太坊（ETH）为何不能幸免）
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.
为什么重要：总的来说，Samani描绘了以太坊未来的挑战性画面，暗示其目前的3000亿美元估值可能难以通过这些结构性问题来证明。
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.
尽管承认以太坊拥有强大的网络效应，但他认为Solana等竞争对手提供了更优越的用户体验，将继续吸引资金。
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：预计以太坊作为一种机构资产类别的影响力将在11月19日的Benzinga未来数字资产活动中得到全面探讨。
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Image: Shutterstock
图片：shutterstock