Cardano founder Charles Hoskinson has continued to predict the doom of Ethereum, sharing a new perspective to support his persisting prophecy.
Hoskinson appeared on an exclusive CoinDesk interview and again insisted that Ethereum will fall. He highlighted the failed vision of the Ethereum mainnet and why its perceived solution could make the ecosystem would not stand the test of time.
Problematic Approach to Spell Ethereum Demise
Specifically, Hoskinson noted that the Ethereum Layer 1 network failed to meet the vision its co-founders envisioned. Despite being the hub of smart contracts and decentralized finance (DeFi), Ethereum has had challenges with scalability and high transaction fees.
To address this issue, the network adopted Layer 2 solutions, which offer lower fees and improved output. However, Hoskinson noted that this move is problematic and would hinder Ethereum’s long-term viability, particularly due to their structure.
He noted that L2s are neither strong allies nor partners; instead, he referred to them as “partners of necessity.” Despite feeding off the mainnet’s security, users, and transaction volumes, they can easily migrate to other Layer 1 networks or become multi-chain.
This suggests that their nature means that Layer 2s are not loyalists and move where the grass is greener. Hoskinson stated that “if there is a more attractive target, they can simply migrate or go multichain.”
Moreover, he noted that a majority of new dApps and liquidity are outside the Ethereum network. The Cardano founder referred to Midnight, stating that the privacy-focused sidechain is akin to a Layer 2 for every other chain. As a result, this emerging trend could draw L2s away from Ethereum, potentially having a significant impact on the network.
A Recurring Ethereum Doom Prophecy
Remarkably, Hoskinson has repeatedly flaunted the narrative that Ethereum would not survive in the long term. He shared in April that the network housing the second-largest cryptocurrency by market cap would not last another 10 or 15 years.
The Cardano founder mentioned three reasons for this sentiment, including a poor choice of consensus mechanism and the L2 issues. He further insisted that Ethereum lacks sound governance, aligning with his comments that the blockchain is a dictatorship controlled by co-founder Vitalik Buterin.
Meanwhile, Hoskinson has also recently expressed discontent that Ethereum is ahead of Cardano. Nonetheless, he assured that his life depends on winning against competitors like Ethereum. Recall that he added during the CoinDesk interview that Bitcoin DeFi TVL will surpass Ethereum’s entire market cap.
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