$ETH Hoskinson believes that Ethereum's Layer 2 solutions obtain high returns through centralized sequencers, but only allocate a small amount of funds for mainnet settlement, leading to a loss of value from the Ethereum mainnet. The Base chain has been accused of transferring over 90% of sequencer profits to Coinbase for sale, rather than reinvesting in the Ethereum ecosystem. This model has been criticized as 'vampiric' rather than enhancing mainnet value. Hoskinson points out that Ethereum's account model, virtual machine, and consensus mechanism have design flaws that cannot adapt to future demands. Meanwhile, high-performance public chains such as Solana and Sui are challenging Ethereum's 'settlement layer' narrative through high concurrent performance and modular architecture, attempting to reconstruct the blockchain ecosystem landscape. The controversy of comparing Ethereum to Myspace or Blackberry lies in the fact that Ethereum's ecosystem scale and developer base far exceed those of early internet products. Ethereum accounts for over 60% of the total locked value in DeFi and has the most mature developer tools and EVM compatibility.

Ethereum's core advantage lies in its large developer community and the maturity of its infrastructure. Ethereum co-founder Vitalik Buterin recently called on Layer 2 projects to enhance mainnet value accumulation by burning fees or staking ETH, attempting to balance ecological benefit distribution. Additionally, technological improvements such as the Cancun upgrade are still being advanced, with long-term goals including protocol simplification and ZK-SNARKs integration. The inflow of funds into Ethereum spot ETFs and institutional adoption indicates that it still enjoys favor from mainstream capital. In contrast, Cardano's market value growth relies more on political narratives rather than technological breakthroughs.

Hoskinson's criticisms reveal the deep contradictions within the Ethereum ecosystem, but his '10-15 year extinction theory' may be overly pessimistic. Ethereum's challenge lies in how to convert its technological advantages into sustainable ecological value, rather than being completely replaced. In the short term, its network effects and developer barriers remain difficult to shake; in the long term, it needs to address the benefit coordination issue between Layer 2 and the mainnet. There is optimism that Ethereum can maintain its leadership position through incremental upgrades, especially given its institutional penetration and the irreplaceability of its developer ecosystem. However, attention should be paid to breakthroughs by emerging public chains in specific scenarios, as well as the policy-driven risks of projects like Cardano. Ultimately, the diversity of the crypto ecosystem will promote multi-chain coexistence rather than a single chain 'winner takes all'.