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Mark Cuban: "Economic use will be an important driver for smart contracts"

 


Prominent American entrepreneur Mark Cuban sees widespread commercial adoption of smart contracts as the next big catalyst for crypto and blockchain adoption.


Cuban, who is known both as the owner of the Dallas Mavericks and as a billionaire and major investor, sees parallels in the current phase of weakness in the crypto market with the dot-com bubble of the early 2000s, when many Internet companies also failed because of their big hype.


The crypto market is currently giving a similarly sad picture , with almost all of the top 100 cryptocurrencies recording double-digit losses in the last seven days.


There are apparently several reasons for this market-wide crash, not least of which is the recent interest rate hike by the US Federal Reserve. For Cuban, the situation is clear, according to the major investor, that the crypto market is currently in an "imitation phase" in which there is no real innovation.


"Crypto is currently in a similar slump as the internet was back then," says the knowledgeable entrepreneur, who himself comes from the tech industry.



To that end, Cuban explains that projects that just “copy what everyone else is doing” by transferring NFT projects or DeFi projects to other blockchains will eventually die out because the same products are not needed on all chains.


Rather, the Mavs owner believes that in the long term, smart contract platforms designed for commercial use will prevail:


“What we haven't seen is that smart contracts are being used to increase productivity and profitability. That will be the next big driver. If companies can gain a competitive advantage by using smart contracts, then they will. The blockchains that recognize this are the ones that will survive.”

In terms of institutional support for the various smart contract platforms, the CoinShares market report shows that Ether ( ETH ), Solana ( SOL ), Polkadot ( DOT ) and Cardano ( ADA ) are currently the top choices.


According to the report, lenders clearly prefer mutual funds with ETH, because a whopping USD 1.38 billion is invested here. Next is Solana with $219 million, while investment products for Polkadot and Cardano bring in similarly strong $116 million and $115 million respectively.

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