Founder of Crypto Project Sells Ethereum Held for 10 Years: "The Potential is Over" - Coin Bulletin

Qiao Wang, one of the founders of Alliance DAO, stated that the growth potential of Ethereum has been exhausted and that Solana is in a much stronger position as an ecosystem.

Qiao Wang, one of the founders of Alliance DAO, stated on the Good Game Podcast YouTube channel that Ethereum's growth potential is almost exhausted and that he sold all of his ETH assets last year. Wang said that he had been holding ETH since the genesis block but decided to sell after waiting for a full 10 years.

According to Wang, Layer 2 solutions that scale Ethereum have only a 10-20% chance of surpassing Solana.

As someone who has been investing in the Ethereum ecosystem for many years, Wang stated that Ethereum's current scaling solutions have not performed as expected. Stating that projects built on Ethereum Layer 2 networks have not been able to attract enough users, Wang emphasized that Solana offers a strong user base and more robust ecosystem support. Stating that new initiatives are more successful on Solana, Wang said that it would now be "irresponsible" to support Ethereum's L2 solutions.

(# Is Solana stronger than Layer 2s?

Wang initially didn't pay much attention to the differences between Ethereum L2 solutions and Solana, but in the past year, he said that this difference has become clear. He pointed out that many startups have struggled to attract users on Ethereum L2 networks, but the same projects have found much more users on Solana. Therefore, he said that supporting Solana is now a logical choice.

Wang, who held Ethereum for 10 years, stated last year that he sold all his assets, saying, 'You hold an asset for 10 years and then at some point you say 'There is no longer any growth potential''. According to him, Ethereum's Layer 2 solutions are struggling to compete with alternatives like Solana, and it is becoming increasingly difficult for Ethereum to maintain its former strength.

Wang stated that the likelihood of future Layer 1 projects and Ethereum L2s surpassing Solana is less than 50%, even remaining at the level of 10-20%. Therefore, he believes that Solana offers a significant advantage over its competitors in terms of scalability and user experience. The problems faced by Ethereum may increasingly lead developers and investors to turn to Solana.

Qiao Wang stands out as one of the most important early investors of Solana's meme coin factory Pump.fun.