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EigenLayer Founder Reiterates Support For Ethereum, Why Is ETH Struggling?
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EigenLayer Founder Reiterates Support For Ethereum, Why Is ETH Struggling?

Dalmas Ngetich
Dalmas Ngetich
8 months ago
3 mins read
Ethereum Price Struggles

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Despite scalability and high gas fees facing Ethereum, the founder of EigenLayer, a liquidity restaking platform, insists the network is superior, especially against Solana. Solana is the third most valuable smart contracts platform, trailing Ethereum and the BNB Chain. Over the years since launching, it has been gulping up more market share from Ethereum, cementing its position.

Is Ethereum Superior To Solana?

While the prominence of Solana is evident, Sreeram Kannan, the founder of EigenLayer, argued in a post on X that Solana prioritizes low latency and global node synchronization over other core features.

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On the other hand, Ethereum took a different approach, emphasizing the need for stability and decentralization. Accordingly, in Kannan’s view, the first smart contracts platform offers a more comprehensive solution than its competitor. Currently, EigenLayer manages over $12 billion worth of assets on Ethereum, according to DeFiLlama.

EigenLayer TVL | Source: DeFiLlama
EigenLayer TVL | Source: DeFiLlama

Although Kannan acknowledges the efficiency of Solana, the founder nonetheless picks out some limitations now that the platform is building a global state machine. At the top of the list is the blockchain’s sacrifice of programmability and verifiability.  

Meanwhile, the EigenLayer lead thinks Ethereum is excelling, especially on performance, thanks in part to the success of rollups and the resulting wild adoption. This off-chain solution provides instant confirmation and is more performant than web2 applications.

At the same time, Ethereum is programmable, enabling EigenLayer to add more features like an arbitrary decentralization of verifiable tasks. As a result, the liquidity restaking platform, Kannan adds, has enabled cloud-scale programmability.

Layer-2 Platforms Thriving: Why Is ETH Struggling?

The co-founder of Celestia, Mustafa Al-Bassam, also appreciates what Ethereum brings to the table and is absent or underdeveloped in other networks. In a post on X, Al-Bassam said the first smart contracts platform is “underrated.”

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Specifically, the co-founder lauded the thriving rollup ecosystem in Ethereum, saying it is “by far the largest and most successful.” As of September 30, L2Beat data shows that the layer-2 ecosystem in Ethereum manages over $38 billion, with Arbitrum and Base among the largest platforms.

Ethereum layer-2 TVL | Source: L2Beat
Ethereum layer-2 TVL | Source: L2Beat

Even as Base and other Ethereum layer-2 platforms draw activity, ETH, the native currency, is struggling for momentum. The daily chart shows bulls have yet to break above $2,800, although support remains at $2,400.

Ethereum price trending sideways on the daily chart | Source: ETHUSDT on Binance, TradingView
Ethereum price trending sideways on the daily chart | Source: ETHUSDT on Binance, TradingView

Dwindling upside momentum has been partly blamed on the proliferation of layer-2 scaling solutions. The network becomes inflationary as more activity is re-routed off-chain, and enhancements like Dencun are activated to make layer-2 transactions even cheaper. Looking at Ultra Sound Money, fewer ETH are not being torched.

Feature image from DALLE, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

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