Backed by a $1.7B founder Gurhan Kiziloz takes BlockDAG into a $120b Layer-1 market

Gurhan Kiziloz is taking aim at Solana with BlockDAG, a live blockchain designed to combine high-speed performance, Ethereum compatibility, and broader decentralization.

When Gurhan Kiziloz entered blockchain, the scepticism was predictable. His background was in gaming, not cryptography. His credentials came from building Nexus International, not from contributing to protocol development. The assumption among industry observers was that blockchain required a different kind of founder, one with deeper technical roots and longer crypto-native experience. Kiziloz proceeded anyway. BlockDAG is now a functioning network, and Solana’s market position is in its sights.

The bet appears to be paying off. BlockDAG has moved from concept to operational blockchain faster than most projects with institutional backing. The network processes transactions using a Directed Acyclic Graph architecture that enables parallel execution, thousands of transactions per second, without the bottlenecks that constrain sequential chains. It retains Proof-of-Work consensus, distributing security in ways that Solana’s Proof-of-Stake model does not. It offers compatibility with Ethereum’s smart contract ecosystem, lowering migration friction for developers. The technical foundation is sound, and it is live.

Solana remains a formidable target. The network has established itself as the high-speed alternative to Ethereum, processing transactions at a fraction of the cost and a multiple of the speed. Its market capitalization reflects that position, tens of billions of dollars in value, supported by an ecosystem of applications, developers, and institutional investment. Solana is not standing still. Its development continues, and its community remains active, and it has a market capitalization of around $120 billion.

But Solana also carries vulnerabilities that BlockDAG is positioned to exploit. Network outages have interrupted service during periods of high demand, raising questions about reliability at scale. Validator requirements concentrate power among well-resourced operators, creating centralization concerns that conflict with blockchain’s decentralized ethos. These are not fatal flaws, but they are openings, gaps between what Solana promises and what it consistently delivers.

Kiziloz has built BlockDAG to occupy those gaps. The Proof-of-Work consensus distributes security more broadly than Solana’s validator model. The DAG architecture handles volume without the single points of failure that have caused Solana’s outages. The Ethereum compatibility means developers can build on BlockDAG without abandoning familiar tools. The proposition is not that Solana is bad, it is that BlockDAG addresses specific limitations that some users and developers find meaningful.

The approach mirrors how Kiziloz competed in gaming. Spartans.com did not position itself as a wholesale replacement for Bet365 or Stake. It identified specific areas where incumbents underperformed, payout speed, compliance infrastructure, user experience, and built a product that excelled in those dimensions. Users who cared about those factors switched. Market share followed. The strategy was targeted rather than comprehensive, and it worked.

BlockDAG is pursuing similar logic. The blockchain is not trying to replace Solana for every use case. It is targeting developers and users who prioritize decentralization, reliability, and Ethereum compatibility, and who have found Solana’s trade-offs uncomfortable. If that segment is large enough, BlockDAG does not need to defeat Solana outright. It needs to capture meaningful share of a market worth tens of billions of dollars.

Kiziloz’s involvement provides resources that most blockchain challengers lack. He funded BlockDAG himself, avoiding the dilution and governance constraints that come with venture capital. His net worth of $1.7 billion, built through Nexus International, gives him staying power that projects dependent on token sales or external funding cannot match. If BlockDAG requires sustained investment through a difficult period, Kiziloz can provide it. That financial independence is itself a competitive advantage.

The blockchain industry has seen many Solana challengers. Most have failed to gain traction. The technical requirements are demanding. The network effects favouring established platforms are strong. Developer attention is scarce and difficult to redirect. BlockDAG faces all of these challenges.

What it has in its favour is execution. The network is live. The development timeline has held. The technical architecture addresses genuine limitations in existing networks. And the founder driving it has already demonstrated, in a different industry, that he can compete against entrenched operators and take meaningful market share.

Solana’s position is not guaranteed. No market position ever is. BlockDAG represents a credible alternative for users who want what Solana offers: speed, low cost, developer tooling, without the compromises that have drawn criticism.

The bet Kiziloz made on blockchain is no longer speculative. BlockDAG exists. It works. And it has one of the largest networks in the industry directly in its sights.