Bankless Why is ETH Down So Bad this Cycle? | Kyle Samani
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Aug 26, 2024 
Kyle Samani, Managing Partner & Co-Founder of Multicoin Capital, dives deep into Ethereum's struggles compared to Solana and Bitcoin. He discusses the stark differences in valuation and the challenges Ethereum faces with Layer 2 interoperability. Samani critiques the current user experience and the implications for Ethereum's long-term viability. He highlights how Ethereum’s strategy of outsourcing execution may affect its competitive edge and stresses the importance of bridging communication between core developers and decentralized applications to ensure ecosystem health.
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Rejecting "Store of Value"
- Kyle Samani rejects the idea of "store of value" as a distinct asset class, arguing for productive assets like equities.
- He believes assets like Walmart and Amazon offer inflation resistance while also generating yield.
Crypto's Future as Financial Rails
- Crypto's future lies in building better financial rails, not just digital gold.
- Ethereum and Solana will likely dominate global finance in the future due to their superior technology.
Broken L2 Interoperability
- Ethereum's broken layer-two interoperability is a major user experience issue, driving users to Solana.
- Bridging on Ethereum is costly, slow, and frustrating, while Solana offers a seamless experience.