DeFi project founder: Ethereum's advantages outweigh those of other smart contract platforms.

The founder of decentralized finance project Synthetix, Kain Warwick, explained in a blog post on August 27 why he ultimately chose Ethereum for development over EOS, citing the advantages that Ethereum has accumulated over the past 5 years.

The Monopoly Advantage of Ethereum

Synthetix is a DeFi platform built on Ethereum, where users can collateralize and borrow using its native token Synths and Ether.

According to a report, the project initially considered EOS as the platform for deployment, but due to various technical limitations, it ended up being built on Ethereum.

Chief Technical Officer Justin Moses spent months researching EOS and found that the development tools were too basic and required significant effort to match Ethereum's level, which was necessary to launch Synthetix.

They believe that the quality of Ethereum's development tools is unparalleled in the market.

A recent report by the crypto investment firm Electric Capital shows that nearly a quarter of open-source developers prefer Ethereum. Synthetix founder Kain Warwick believes that from a security and development perspective, the influx of talented developers is Ethereum's greatest strength.

Warwick further stated:

Capital allocation makes Ethereum the winner, as no project can replicate Ethereum's ability to attract funding. DeFi is growing at an astonishing rate, and investors may allocate most funds to Ethereum projects over competitors.

Previous reports from ABM also indicate that Ethereum blockchain remains the top choice for 92.3% of developers.

Network Effects

Looking ahead, Warwick anticipates a competitive dynamic similar to Android and iOS or Chrome and Firefox. He noted:

Users will flock to a platform that offers a good user experience and clean functionality, so their choice is not between Ethereum and EOS, but between Compound and MakerDAO.

For companies like Yahoo, Google, IBM, Microsoft, we often see projects that are first to market not lasting long in terms of technology. However, due to significant differences in blockchain technology and governance, this trend may not apply to crypto projects.

Previous ABM articles also align with this argument, claiming that Ethereum's dominant position in developing public chains remains secure. The project's token is currently ranked 88th by market value and has surged by 842% since the beginning of the year.

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