🔥 Ethereum will fade away in the next 10-15 years if it doesn't adapt quickly

This is the buzzing prediction from Charles Hokinson, the creator of Cardano and a former co-founder of Ethereum. Hokinson compares Ethereum to Myspace or Blackberry, which were once glorious but have been surpassed due to a lack of agility.

Despite currently leading in TVL, Hoskinson points out that Ethereum is facing several issues:

- On a technical level: computational model, consensus mechanism are not optimized.

- The design relies too much on Layer-2s like Arbitrum and Optimism: these L2s siphon fees and staking profits from Ethereum without solving the scalability problem, causing the intrinsic value of ETH to shrink.

- There is a need to reform the architecture, governance model, and tokenomics system; otherwise, users will migrate to other more flexible systems, such as DeFi on Bitcoin.

Even though he criticizes it harshly, Son still appreciates Vitalik's idea of switching to RISC-V architecture and hopes that upgrades like Pectra and Fusaka this year will bring a new breeze to Ethereum.