{"id":49214,"date":"2021-09-10T13:18:25","date_gmt":"2021-09-10T10:18:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=49214"},"modified":"2025-09-02T11:31:33","modified_gmt":"2025-09-02T08:31:33","slug":"expert-explains-what-drives-ethereum-supporters-criticism-of-solana","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/expert-explains-what-drives-ethereum-supporters-criticism-of-solana\/","title":{"rendered":"Expert explains what drives Ethereum supporters\u2019 criticism of Solana"},"content":{"rendered":"<p>Many Ethereum supporters, in criticizing Solana, find themselves in the position of the Bitcoin community in its disputes with opponents of digital assets. This was stated by Ari Paul, founder of BlockTower Capital.<\/p>\n<blockquote class='twitter-tweet'>\n<p lang='en' dir='ltr'>Bitcoin was initially dismissed by many as too new, too risky, too challenging to elites or governments, too buggy, too centralized \u2014 to be taken seriously. Those nocoiner arguments then got recycled by bitcoiners against ethereum, now recycled by ethereans against solana. \/1<\/p>\n<p>\u2014 Ari Paul \u26d3\ufe0f (@AriDavidPaul) <a href='https:\/\/twitter.com\/AriDavidPaul\/status\/1435975484978892802?ref_src=twsrc%5Etfw'>September 9, 2021<\/a><\/p><\/blockquote>\n<p> <script async='' src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<p>Paul described this as a natural rationalization of the ideology \u2014 adopting &#8216;useful&#8217; arguments against rivals and discarding them if they seem illogical given existing beliefs.<\/p>\n<p>The CEO of BlockTower Capital reminded that four years ago many Bitcoin maximalists attached great importance to on-chain metrics. Their opponents challenged them, pointing to BTC&#8217;s use in speculation and darknet marketplaces.<\/p>\n<p>Currently, these same Bitcoin supporters are abandoning their stance because of &#8216;bad&#8217; spending on &#8216;silly&#8217; things like buying JPEGs in the form of <span data-descr='volume of locked assets' class='old_tooltip'>TVL<\/span>.<\/p>\n<blockquote class='twitter-tweet' data-conversation='none'>\n<p lang='en' dir='ltr'>4\/ Now bitcoin maxis dismiss the metrics they liked 4 years ago with the same reasoning \u2014 oh, security spend doesn\u2019t matter if it\u2019s coming from \u00abbad\u00bb spending on silly things like buying jpegs.<\/p>\n<p>\u2014 Ari Paul \u26d3\ufe0f (@AriDavidPaul) <a href='https:\/\/twitter.com\/AriDavidPaul\/status\/1435975489332686849?ref_src=twsrc%5Etfw'>September 9, 2021<\/a><\/p><\/blockquote>\n<p> <script async='' src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<p>Paul also criticized Ethereum supporters who, in their analyses, are less inclined to rely on <span data-descr='volume of locked assets' class='old_tooltip'>TVL<\/span> metrics due to &#8216;abuses&#8217;, for example <span data-descr='Binance Smart Chain' class='old_tooltip'>BSC<\/span>.<\/p>\n<blockquote class='wp-block-quote is-layout-flow wp-block-quote-is-layout-flow'>\n<p><em>&#8220;Everything comes down to people rationalizing their (unrelated) love of and\/or extreme risk exposure to the asset and the protocol&#8221;<\/em>, \u2014 explained the expert.<\/p>\n<\/blockquote>\n<blockquote class='twitter-tweet' data-conversation='none'>\n<p lang='en' dir='ltr'>5\/ and ethereans dismiss metrics like TVL and usage when \u00ababused\u00bb by, say, BSC. All of this mostly comes down to one thing \u2014 people rationalizing their (unrelated) love of, and\/or extreme financial exposure to an asset and protocol.<\/p>\n<p>\u2014 Ari Paul \u26d3\ufe0f (@AriDavidPaul) <a href='https:\/\/twitter.com\/AriDavidPaul\/status\/1435975490830049288?ref_src=twsrc%5Etfw'>September 9, 2021<\/a><\/p><\/blockquote>\n<p> <script async='' src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<p>According to Paul, when he tries to justify the position he had previously taken, he sees it as a deviation from the truth. For the expert, this is a reason to assess his own positions seriously and impartially.<\/p>\n<p>In response to user criticism, he said that all three cryptocurrencies have real value. At the same time, Paul noted that he bases his views on history and tries not to overlook new opportunities.<\/p>\n<blockquote class='twitter-tweet'>\n<p lang='en' dir='ltr'>*in case unclear, I\u2019m not trying to suggest that any of the assets mentioned here are good financial investments. What I will say plainly is all three are \u201creal\u201d projects with meaningful differentiation and offering real value to users today.<\/p>\n<p>\u2014 Ari Paul \u26d3\ufe0f (@AriDavidPaul) <a href='https:\/\/twitter.com\/AriDavidPaul\/status\/1436090427313098752?ref_src=twsrc%5Etfw'>September 9, 2021<\/a><\/p><\/blockquote>\n<p> <script async='' src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<blockquote class='wp-block-quote is-layout-flow wp-block-quote-is-layout-flow'>\n<p><em>&#8220;Solana has a totally different consensus system and a communication layer. Both are trade-offs. The cryptocurrency processes more than a hundred times as many transactions on layer 1 and, thanks to a verifiable delay function, reduces the number of miners using front-running. There are &#8216;costs&#8217; to this approach, but they differ greatly from Ethereum&#8221;<\/em>, \u2014 explained he.<\/p>\n<\/blockquote>\n<p>On September 9, Solana reached a historic high above <a href=\"https:\/\/u1f987.com\/en\/news\/solana-tops-190-overtaking-dogecoin-and-polkadot-in-market-capitalization\">$190<\/a>. At the time of writing, the asset sits sixth by market capitalization, its price <a href='https:\/\/www.coingecko.com\/en'>is $183.8<\/a>.<\/p>\n<p>According to <a href='https:\/\/defillama.com\/chain\/Solana'>DeFi Llama<\/a>, the total value of assets in Solana-based decentralized applications rose to about $9 billion. On September 1 the figure stood at $3.53 billion, on August 1 \u2014 $1.22 billion.<\/p>\n<p> Subscribe to ForkLog news on <a href='https:\/\/vk.com\/forklogcom' target='_blank' rel='nofollow noopener'>VK<\/a>! <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many Ethereum supporters, in criticizing Solana, find themselves in the position of the Bitcoin community in its disputes with opponents of digital assets. This was stated by Ari Paul, founder of BlockTower Capital.<\/p>\n","protected":false},"author":1,"featured_media":49215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1556,46,1138,1159],"class_list":["post-49214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-blocktower-capital","tag-ethereum","tag-opinions","tag-solana-sol"],"aioseo_notices":[],"amp_enabled":true,"views":"48","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=49214"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49214\/revisions"}],"predecessor-version":[{"id":49216,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49214\/revisions\/49216"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/49215"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=49214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=49214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=49214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}