Ethereum being abandoned in favor of Avalanche, Solana
Ethereum, which was once the pride of blockchain and what all could be done on it, is now fast losing ground to other competitors like Solana, Avalanche, and other Layer 1 protocols which seemingly address everything that Ethreum seems to be suffering from.
This has become the theme for developers and users alike and we have also been seeing many investors backing off from making further investments into Ethereum as the ecosystem has not seen any major innovation or upgrade for the past couple of years. It seems to be stuck in a time warp as the speed with which things were built on the network has reduced to a great deal over the last couple of years. This does make sense as the high gas fees and the slow transaction speeds have been a killer for many of the dApps that were built on the network.
It has been very difficult for the network to onboard new users as they would not be ready to pay such high gas fees and making them pay it as their first experience with the crypto networks would be counter-intuitive for the industry as a whole. We have also seen investors backing off from their investments into Ethereum as they seem to be upset with the fact that the leaders and the core developers within the network have not done anything to improve this situation and the existing users and developers have to clutch at straws as they wait patiently for ETH2.0 which they hope would be able to resolve the problems that are seen in the network.
The other sad part of this is that the L2 solutions that have been built on Ethereum are also suffering due to the high costs and low efficiency while other L2 solutions can perform transactions more cheaply and efficiently than the L2. So, Ethereum must look to improve its L1 solution rather than look at its L2 solutions to help to bring in better solutions for its problems. The pace at which users, devs, and investors are abandoning the network for other better L1s and the lack of response from the Ethereum leaders and team is a matter of huge concern to those who have built on it and it is also for the entire crypto industry as well as it shows that the same fate could befall any other network.
