Pantera Capital’s Joey Krug believes Ethereum will play a significant role in the global financial industry during the next ten years.
Krug is a member of Pantera Capital’s investing business board of directors. He told Bloomberg in an interview that Ethereum will play a significant role in the financial system during the next decade. He made a bold, speculative projection, stating that this platform may account for 50% of worldwide financial activities during the next decade.
Krug also believes that numerous alternative networks, such as Polkadot, Solana, and Cardano (it is worth noting that he did not mention any particular name), would not pose a significant challenge to Ethereum’s supremacy.
Ethereum is gradually establishing itself as a hub for financial services based on decentralized solutions – DeFi. This platform provides the foundation for most smart contracts and the most significant number of NFTs.
Naturally, there will be roadblocks along the way. Ethereum is currently experiencing specific technical difficulties that are impeding its development. The network sometimes obliged its members to pay high gas fees (network fee in Ethereum). Additionally, transaction execution times were often lengthy – instead of a few seconds or minutes, the ETH transfer may take several hours.
However, developers are now working on scalability and other concerns that will be addressed in the network’s next version – ETH 2.0. This update comes in phases, and the whole project should be finished by 2023.
There is no question that the ETH network’s scalability must be solved for Ethereum to reach the level stated by Krug. Ethereum gas costs continue to be a source of contention for many investors.
Although alternatives like polygon Network have shown to be more successful than Ethereum’s, they are not yet widely used enough to attain the level of global domination that Krug mentions.
Ethereum’s prospects are excellent since the platform does not face many significant competitors.