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Andrew Kang leverages long position in SOL
Why is Solana more attractive than ETH?
According to data from decentralized derivatives trading platform GMX, Andrew Kang, a partner at Mechanism Capital, opened a long position in SOL worth $400,000 with 50x leverage on GMX this afternoon.
At the same time, Andrew Kang also shared his views on the current blockchain ecosystem on social media platforms, comparing Ethereum with Solana and claiming that Solana is more profitable and attractive for traders.
Andrew Kang believes that in the initial 6 to 7 years of Ethereum’s existence, although there were uncertainties, Ethereum was an appealing risk asset for many Bitcoin holders in the market. As a result, many Bitcoin holders were willing to convert their holdings into Ethereum. However, over time, Ethereum has gradually transformed from a “risk asset” to a “hedge asset,” and the number of people willing to convert has decreased.
Many people believe that recent innovations such as “layer 2 networks” and “modular technology” will bring new narratives to Ethereum. However, Andrew Kang believes that these innovations will instead bring heavy pressure to Ethereum in market cycles dominated by “risk preference.”
In other words, Andrew Kang believes that ETH has lost its attractiveness in periods of risk preference. In comparison, Solana has not faced the same issues as Ethereum and has successfully overcome multiple market cycles, surpassing the barriers to becoming a top-tier L1 network. Andrew Kang stated:
(This article is authorized for reprint from GT Radar)
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