One thing that Solana, Aptos, and Avalanche have in common is their claim that they are the “Ethereum Killers”. The market believed those claims during the initial days of crypto. But the macro bear market of 2022 has removed any weight from those claims. Solana, Aptos, and Avalanche – all three cryptos have gone through massive correction. And while Ethereum itself is not at a very good place trades, it still is far larger compared to these three tokens.
Such statements were echoed by Sandeep Nailwal, CEO of Polygon, who said in his interview with Crypto Banter that a “layer-2 environment” is nothing more than a pipedream. He believes that there will only be a layer-1 – Ethereum on top of which layer-2 developments will take place.
When Crypto Banter asked if that means cryptos like Solana, Aptos, and Avalanche will lose their relevance over time, Sandeep replied,
“Yeah, Yeah. If you see even now, everybody’s [been] there for the last two years, and I don’t see any significant traction on any of these chains.”
Sandeep is extremely bullish on Ethereum as he added that there is no cryptocurrency that has a chance to compete with the OG Ethereum, a crypto that made utility possible for cryptocurrencies.
Social Media Responses to Polygon Founder’s Words Aren’t Kind
Naturally, the social media response to Sandeep’s comments has been less than kind. His bullish stance against Solana specifically caused many woes to social media users who jokingly said that “Pepsi’s Founder says Coca Cola has no future.”
Many claimed that Sandeep’s comments were bitter and biased and were done in an effort to leave other projects and join Polygon. And since most Reddit comments are hardly civil, there were those who weren’t afraid to say that Sandeep’s words reeked of insecurity.
However, there were those who agreed with Sandeep’s statement and said that he has a realistic assessment of what is currently going on in the market.
That said, this statement comes after the recent layoffs during which Polygon has removed 20% of its employees.
These Types of Statements Aren’t Good for MATIC – Community Says
The community has no love lost for the MATIC project, which has been at the forefront of multiple decentralized applications and many utilities in the cryptocurrency space. But that community isn’t blind to the statement that Sandeep has recently made.
One Reddit user that goes by Mr. OrdinaryBoy commented –
I’m not a fan of this. When your product provides value that other projects dont, then you dont need to talk shit about other projects.
This type of speech is also not good for MATIC, as it attracts unwanted und unnecessary attentions, esp from ppl with bad intentions. We have seen how LUNA was crushed after Do Kwon talked shit all the time about other projects in interviews.
Polygon has only 100 validators at the time of writing, which many says adds to the “centralized” aspect of this blockchain. The community’s reaction to the CEO’s words shows that the community wants the cryptocurrency space to work together in which there should not be a question about “either-or”.
All projects must work together. And considering the trying condition Polygon is in right now, it is not wise for its founder to speak ill about other cryptocurrency projects.
Layoffs Due to Bad Macroeconomic Conditions Can Hurt Polygon in the Long Run
While the market has shown some signs of recovery this year, the overall sentiment is far from being bullish. Doubts against the cryptocurrency market are still prevalent – and Bitcoin’s recent failure to cross the $25k mark hasn’t helped the market either.
Seeing these bearish macroeconomic conditions, Polygon has decided to lay off 20% of its staff. The founder says that it is a decision he has taken with a heavy heart, and it was a necessary move. He further added that they are working to crystallize the strategies to increase the blockchain adoption rate in the near future.
The Polygon price chart, however, tells a different story. The token has pulled back by 20% since last week – which is likely due to the recent comments and the lay-offs.
This price chart is clearly a testament to the fact that one must watch their tone when commenting about other cryptocurrency projects.
The recent downturn is nothing new for Polygon. There are developments in the background that will push the MATIC price up. However, presale cryptos offer a much better investment option for everyone involved.
Fight Out (FGHT) – Newest Move to Earn Project
- CertiK audited & CoinSniper KYC Verified
- Early Stage Presale Live Now
- Earn Free Crypto & Meet Fitness Goals
- LBank Labs Project
- Partnered with Transak, Block Media
- Staking Rewards & Bonuses