Cardano’s founder, Charles Hoskinson, recently made a bold statement predicting the demise of Ethereum within the next decade. He pointed out key challenges facing Ethereum, including issues with the protocol, virtual machine, and consensus model that he believes are self-inflicted.
Hoskinson expressed concerns that Ethereum may not survive due to the rise of parasitic Layer 2 solutions that could drain its user base and the emergence of Bitcoin DeFi, which could overshadow Ethereum’s dominance in the decentralized finance space. He compared Ethereum’s potential fate to that of outdated platforms like MySpace and BlackBerry.
Despite being a former co-founder of Ethereum, Hoskinson now leads Cardano and believes that competitors like Solana and Sui could further erode Ethereum’s market share. Other industry insiders, such as Hayden Adams, founder of Uniswap, have also praised Solana’s clear vision and fast-tracked approach compared to Ethereum’s slower progress in scaling solutions.
While some, like Armani Ferrante, argue that it may be too late for Ethereum to compete in the Layer 1 scaling game, Ethereum continues to push forward with upgrades to both Layer 1 and Layer 2 systems. The Ethereum Pectra and Fusaka upgrades aim to enhance the chain’s scalability and competitiveness in the face of increasing competition.
Not everyone shares Hoskinson’s pessimistic view of Ethereum’s future, however. Avichal Garg, founder of Electric Capital, dismissed the idea of Ethereum’s demise, citing the platform’s upcoming 10th anniversary in July 2025 and pointing out the significant progress made by Bitcoin since its own 10th anniversary.
Despite the ongoing debate over Ethereum’s future, the network saw a spike in activity mid-week, with a nearly 10% increase in addresses. However, market bids for Ethereum eased as investors took profits from a recent price rally. The key support levels to watch in the short term are $1.6K and $1.7K, with the price currently stalled at $1.8K.
In conclusion, while Ethereum faces significant challenges and competition from other blockchain platforms, its long-term viability remains uncertain. Only time will tell whether Ethereum can adapt and evolve to maintain its position as a leading decentralized finance platform in the ever-changing crypto landscape.