BitMEX co-founder Arthur Hayes, in an interview, shared his predictions about the outlook of the cryptocurrency market. One prediction was about the L1 smart contract blockchain Aptos, which, according to him, can overtake Solana.
In an interview with Coin Bureau co-host Jessica Walker, Hayes said, “I’ll put this out there on this particular venue, and I’ll qualify it with more information probably later this summer once I get back in the swing of things. Aptos flips Solana in the layer-1 game. I’ll put that out there. I’m not going to say any more than that.
I think Aptos could be the number two L1 over Solana within this cycle. That’s a one to three-year sort of prediction.”
At the time of writing the story, Aptos is trading for $8.5 and has a market cap of $3.71 billion, and Solana, in comparison, has a market cap of $73.86 billion, and the token is trading for $160.04.
Aptos has been steadily growing its ecosystem on all fronts including DeFi, NFTs, Gaming, and other with regular partnerships, investments, all this while making sure that the technology is usable and works as expected.
Recently, with the launch of a tap game called Tapos Cat, Aptos recorded an all-time high of 32,000 TPS on its network, handling it without any issues. The same day, i.e. on May 25th, Aptos recorded a total of 115.4 million transactions, compared to 31.7 million transactions that happened on Solana on the same day.
While the Tapos Cat game is seasonal and ended its season in a few days, the high transaction count showed the potential the network holds to handle high TPS while competitive networks struggle to do so most of the time, or the transaction fee on L1s like Ethereum go up to cater the high fee payer before others. On Aptos, the fee remained the same even when thousands of transactions happened every second. The functioning of Aptos during those days shows the robustness and preparedness of the network for how things can be easily handled in the future as well.
https://twitter.com/yarhuter/status/1800534148362449365
https://twitter.com/realjaysneezy/status/1800535724032462874
Yes. @Aptos will flip Solana. It's just a matter of time at this point. https://t.co/kp9HoLoirp
— Wayne Culbreth (@wayne_culbreth) June 11, 2024
Recently, Aptos CEO Mo Shaikh was appointed to the CFTC’s digital assets subcommittee.
