The big shot who milked SOL at the bottom of 8 dollars has started to "call" ETH

Original author: Placeholder partner Chris Burniske

Compiled by: Odaily Planet Daily

Translator: Azuma

Editor's note:

On December 30, 2022, Solana hit its darkest moment, with SOL dropping to $8, the lowest price after the FTX collapse. On that day, former Ark Invest crypto head and current Placeholder VC partner Chris Burniske posted a "meme tweet" on X, publicly bullish on SOL and stating he would continue to accumulate. The subsequent story is well-known; SOL soared and recently surpassed $240, showing a trend towards new highs.

Fast forward to November 2024, Ethereum is gradually falling into a low tide due to narrative bottlenecks and other factors. On November 17, Burniske again published a similar "meme tweet," publicly supporting Ethereum and predicting that the chain will achieve a revival in the coming years.

Below is the original content from Burniske, compiled by Odaily Planet Daily.

One reason Placeholder has consistently focused on Solana during the last bear market is the belief that it will become the mainstream blockchain for ordinary users, as it offers advantages in user experience such as faster speeds, lower fees, and smoother transactions. This is currently being reflected through the meme token craze.

But we have always been supporters of Ethereum, and that has never changed.

In the new cycle, although Ethereum may have lost some of its market share to Solana (which has already happened), the Ethereum community should continue to work hard to solidify the network's position as the center of the Internet Financial System (IFS). The IFS will become increasingly important between 2025 and 2030, attracting more users than we currently see.

Solana and other blockchains will also compete with Ethereum in the IFS space (which is already happening), but Ethereum still has a solid foundation; it has been around for over a decade, has brand recognition second only to Bitcoin, and possesses deep liquidity, allowing enterprises to build their own Layer 2 solutions around Ethereum like Base.

Although everyone knows that the Layer 2 architecture has issues with liquidity fragmentation (which will be resolved), it is well-suited for traditional financial enterprises because it allows for better control and direct conversion of profits into earnings. Other blockchains like Avalanche have also been paying attention to this, adopting similar subnet architectures and focusing on the IFS space.

In recent Ethereum community events, I have been excited about the discussions surrounding Ethereum.

The community is learning lessons. During the bull market from 2018 to 2021, I believe the Bitcoin community fell into complacency, thinking they had succeeded and held the advantage. Around 2021, BTC seemed a bit "outdated," even being mocked as a "baby boomer token," which sparked a revival and is part of the reason Bitcoin has risen again in this cycle.

Similarly, I believe some members of the Ethereum community fell into the same complacency trap from 2022 to now, but now that Ethereum is being questioned as a laggard, many parts of the Ethereum ecosystem are about to rejuvenate.

Just like the revival Bitcoin experienced, we may see Ethereum undergo a similar revival in the coming years, driven by competitive self-reflection.

The evolution of mainstream blockchains is an extremely long game—anyone who prematurely thinks they have won the war will fall into complacency and ultimately lose everything. We look forward to seeing how the status of Bitcoin, Ethereum, and Solana evolves in 2030 and beyond.