Ethereum is falling victim to its own success. The increasing complexity of the architecture and high fees may lead to the network's collapse," said Hoskinson.

Despite the criticism and the presence of competing blockchains like Solana, Ethereum developers are actively working on improving the network. The developers of Scroll, one of the leading Layer 2 solutions for the Ethereum network, have introduced the Euclid update, which is expected to reduce transaction fees by up to 90% and increase the network's performance.

At the same time, the ETH price remains under pressure: it has fallen nearly 360% from its all-time high of $4,878. Currently, the coin is trading at $1,768, and the market capitalization of Ether is $213.42 billion.