Blockchain tech narrative is ‘lightyears ahead of reality,’ says Dudas

Mike Dudas is excited to see parallel processing on Ethereum, but “a lot has to happen before we’re going to see that”


Yurchanka Siarhei/Shutterstock modified by Blockworks


It’s a story that spawns both bullish and bearish arguments, depending on who you ask.

Previously reported at Blockworks, the Eclipse mainnet plans to use a hybrid “best of all worlds” approach — combining Solana’s speedy execution with Ethereum’s secure settlement. 

The idea is to take some of the best tech advantages of Solana and “tap into Ethereum’s liquidity,” Garrett Harper says on the Lightspeed podcast (Spotify/Apple). 

“As an open-source zealot, I am all for this,” says Asymmetric CEO Joe McCann. Being that the Solana Virtual Machine (SVM) is open-source and can be applied anywhere, McCann says “that’s exactly what you should be doing.”

“It’s really cool that the guys at Eclipse are taking the SVM and trying to apply it differently than its core use case today with Solana.”

Read more: Eclipse is using Solana’s virtual machine to launch an Ethereum L2

McCann asserts that the broader implementation of the SVM contributes to the Lindy effect — a theoretical phenomenon whereby a technology becomes more resilient the more it is utilized. 

“If Eclipse is successful, what are they dependent on? The SVM. That thing has to continue to survive and exist and persist and improve and squash bugs and fix security patches and security bugs.”

McCann says the news is “incredibly bullish” for Solana’s underlying technology, “because now you’re also going to be getting pressure-tested potentially in a new environment, a new set of use cases that may not actually be the core use case of the SVM today.”

We’ll see what happens

6th Man Ventures founder and partner Mike Dudas cautions that Eclipse is an early stage project, noting that — as is often the case in blockchain — the narrative around the technology is “light years ahead of reality.”

“I’m excited to see how parallel processing works in an Ethereum environment, but there’s just a lot that has to happen before we’re going to see that,” he says.

“A lot of it is theoretical,” he says, adding, “we’ll see what happens.”

McCann warns that the vision for Eclipse exhibits a “path dependency that is multi-variate.”

“So many things have to go right,” he says, adding that he really hopes that it does. But Asymmetric “couldn’t get there on the investment side” during last year’s seed round, he says, “because I couldn’t size the risk of that.”

“The path-dependent nature of how this thing actually plays out has so many branches in the way that it has to succeed that it was difficult for me at the time to secure an investment.”

In the long term, Dudas believes that Ethereum will exist as the largest layer-1 blockchain, at least in terms of liquidity. Solana has a chance to attract more users, he suggests, “depending on how payment use cases shake out.”

“We’re early stage venture investors like Joe, and we’re underwriting a number of different early stage approaches — the majority of which won’t work out,” he says. “I just wish that the dialogue was a little less extreme about, ‘Hey, this roadmap is certainly going to work and this is the path.’”

Ethereum currently holds an advantage in the amount of capital and developer talent invested in the ecosystem, Dudas says. Ethereum’s “meme of modularity” encourages people to experiment in “so many disparate ways.”

“It really is actually remarkable and it’s beautiful to watch.” 

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

ao cover.jpg


Arweave recently launched the testnet for AO computer, a new messaging protocol that will sit atop a PoS network and aims to become a scalable global compute platform through parallel processing and modularity.


The “fastest-growing ETF in history” has seen net inflows on every trading day since its Jan. 11 launch


Relm and Chainproof will provide insurance quotes to distributed validators


DLC.Link uses a Taproot-based Bitcoin multisig to let institutions mint dlcBTC, starting on Arbitrum


Pre-seed Bitcoin startup deals rose 360% in 2023, a TVP report shows


Circle’s new smart contract to allow holders of BlackRock USD Institutional Digital Liquidity Fund to redeem shares for its stablecoin


Uniswap says it was not surprised to receive a Wells notice given the SEC’s “abusive” use of power as of late