Arthur Hayes, co-founder of BitMEX, has made a bold statement regarding the future of Layer-1 blockchains, asserting that only Ethereum and Solana will survive while most others are destined to fail.
In a recent interview with Altcoin Daily, Hayes explained why he believes the market still doesn’t fully understand Ethereum’s long-term importance and how it will become the backbone for Web3 as institutional adoption continues to grow.
Ethereum’s Unstoppable Rise in the Institutional World
Hayes emphasized that traditional financial institutions are finally embracing the reality that private blockchains are not viable. He pointed out that after resisting for years, banks are now preparing to transition into Web3 using public blockchains. In his view, Ethereum will be the blockchain of choice for these institutions, driven by its proven security, scalability, and utility.
The stablecoin boom, according to Hayes, has been a major factor pushing banks to rethink their strategy. He explained that a public blockchain like Ethereum is essential for real usage and security, something private blockchains cannot provide. As Ethereum’s adoption grows in the financial sector, Hayes believes this will drive its price to new highs, marking the beginning of a massive rally in ETH.
Why Most Layer-1 Blockchains Are Doomed to Fail
Hayes didn’t hold back when discussing the future of other Layer-1 blockchains, declaring that “everything else is a zero.” He pointed out that many new projects often promise to be the “next Ethereum,” but most fail to live up to their hype. These projects struggle to attract real user activity and meaningful use cases, which Hayes believes will ultimately lead to their collapse.
One such example Hayes gave was Monad, a recently launched blockchain that he expects to crash by 99%, similar to the fate of previous overhyped Layer-1 projects. Hayes argued that the lack of a strong user base and actual utility makes many of these new blockchains unsustainable, and they will likely fade into obscurity over time.
As Ethereum continues to solidify its dominance in the Web3 space, Hayes’ prediction suggests that the Layer-1 blockchain ecosystem will increasingly be reduced to just a few key players—Ethereum and Solana—while others struggle to survive.
Ethereum’s widespread institutional adoption and solid foundation in decentralized finance ensure its long-term success, while lesser-known blockchains will face significant challenges ahead.