Expert explains what drives Ethereum supporters’ criticism of Solana

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.

Bitcoin was initially dismissed by many as too new, too risky, too challenging to elites or governments, too buggy, too centralized — to be taken seriously. Those nocoiner arguments then got recycled by bitcoiners against ethereum, now recycled by ethereans against solana. /1

— Ari Paul ⛓️ (@AriDavidPaul) September 9, 2021

Paul described this as a natural rationalization of the ideology — adopting ‘useful’ arguments against rivals and discarding them if they seem illogical given existing beliefs.

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’s use in speculation and darknet marketplaces.

Currently, these same Bitcoin supporters are abandoning their stance because of ‘bad’ spending on ‘silly’ things like buying JPEGs in the form of TVL.

4/ Now bitcoin maxis dismiss the metrics they liked 4 years ago with the same reasoning — oh, security spend doesn’t matter if it’s coming from «bad» spending on silly things like buying jpegs.

— Ari Paul ⛓️ (@AriDavidPaul) September 9, 2021

Paul also criticized Ethereum supporters who, in their analyses, are less inclined to rely on TVL metrics due to ‘abuses’, for example BSC.

“Everything comes down to people rationalizing their (unrelated) love of and/or extreme risk exposure to the asset and the protocol”, — explained the expert.

5/ and ethereans dismiss metrics like TVL and usage when «abused» by, say, BSC. All of this mostly comes down to one thing — people rationalizing their (unrelated) love of, and/or extreme financial exposure to an asset and protocol.

— Ari Paul ⛓️ (@AriDavidPaul) September 9, 2021

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.

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.

*in case unclear, I’m not trying to suggest that any of the assets mentioned here are good financial investments. What I will say plainly is all three are “real” projects with meaningful differentiation and offering real value to users today.

— Ari Paul ⛓️ (@AriDavidPaul) September 9, 2021

“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 ‘costs’ to this approach, but they differ greatly from Ethereum”, — explained he.

On September 9, Solana reached a historic high above $190. At the time of writing, the asset sits sixth by market capitalization, its price is $183.8.

According to DeFi Llama, 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 — $1.22 billion.

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