Crypto exchange FTX.US president Brett Harrison is predicting that many of today’s blockchains will be discarded by the market in the future.
In a new interview with the Thinking Crypto YouTube channel, Harrison says he expects significant consolidation now that the space has ballooned to hundreds of unique blockchains.
Here’s a couple off-the-cuff predictions that I have very weak conviction about. One is I think we’ll see consolidation in the blockchain space. We’re not going to have 200 different blockchains.
I think we’re going to end up with a couple that are really, really good and are mostly used while the other ones will drop away.”
Harrison next digs into which specific projects will survive, noting that in addition to industry stalwarts such as Bitcoin (BTC) and Ethereum (ETH), he’s got his eye on competing layer-1 smart contract platforms Solana (SOL) and Avalanche (AVAX).
“Bitcoin likely still exists because it’s the first. Ethereum probably still exists because it’s the first real smart contract-based blockchain.
There’s a handful of layer-1s that are contending for spots for longevity. I think things like Solana and Avalanche, and we’ll see which ones of those truly went out over time.
Part of it will be the merits of the actual technology and part of it will just be, where are the killer apps being created?”
The FTX.US president also says that despite day-to-day price swings in the market, the amount of money and work that have been invested into the blockchain space lend credence to believing in its long-term prospects.
“Think about all of the institutional capital, the venture capital that’s come into crypto in the last couple of years. Billions of dollars.
Regardless of what the asset prices are doing now, you know there’s investment, intellectual capital, [and] technological developments happening.
I think that is long-term bullish for the space. What that means in the short term about asset prices, it’s difficult to predict and not my area of expertise.
I do feel pretty strong about the growth of this sector and the technology based on how much work is being put into it.”
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