Billionaire investor Mark Cuban joined executives from leading crypto projects in a panel discussion at the DeFi Summit virtual conference.
What Happened: Cuban, who recently confirmed an investment into Ethereum Layer 2 scaling solution Polygon (CRYPTO: MATIC), said that aside from Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), the Polygon network is “destroying everybody else.”
Cuban referred to Bitcoin as a store of value and Ethereum as a legacy, saying that these networks are not going away.
“Then there’s everybody else,” he said. “Right now, Polygon is destroying those everybody elses (sic).”
Highlighting the fact that a lot of these other crypto projects have more than $20 billion in fully diluted market cap, Cuban emphasized that the longer they take to “get out the door and not be vapourware, the greater disadvantage they are going to have.”
“We always talk about the crypto winters or these big declines in pricing. We ain’t seen nothing yet,” said Cuban, comparing today’s dynamics to the internet boom between 1995 and 2000.
“In every category, there was a ton of competition, but it really was a zero-sum game. Maybe one big winner, and a couple of follow-up number twos, and then the other 90% going out of business (sic).”
Read also: What is Polygon (MATIC)
Cuban believes that we will see the same thing play out with Layer 1 and Layer 2 solutions on the market today, unless they get momentum.
“Now, because of what’s going on with Polygon, where they’re getting so much momentum, it’s going to be hard to catch up.”
Price Action: Polygon’s native token MATIC has gained over 9000% year-to-date.
At press time, MATIC was trading at $1.50, down 8.69% in the past 24-hours.
Image: TechCrunch via Wikimedia
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