Cardano Founder Shares Why He Thinks Ethereum Is Doomed to Fail

Cardano founder Charles Hoskinson has continued to predict the doom of Ethereum, sharing a new perspective to support his persisting prophecy.

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.

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.