Ethereum has been struggling in the current crypto cycle, both in terms of usage and asset valuation, leading to a decline in its market position. Rival networks like XRP and Solana have gained traction due to Ethereum's approach to scalability, which has resulted in fragmented liquidity and a loss of market dominance. Solana, in particular, has seen significant market share by offering a single-chain ecosystem with high transaction speeds. Ethereum's network revenue has fallen by 93% in the past year, and its share of total blockchain revenue has declined. The Ethereum Foundation has also faced criticism for its governance style. However, upcoming updates like Pectra and the proposal of a new transaction method called "intents" could potentially reverse these trends and make Ethereum more competitive. The urgency of the situation has been acknowledged by industry experts.



Other News from Today