Cardano's Founder Charles Hoskinson Believes Ethereum Will Be Dead in 10 Years

Cardano's founder, Charles Hoskinson, believes that Ethereum (ETH) will go extinct in the next 10 years.

Charles Hoskinson, the founder of Cardano, is known for his candid opinions on the cryptocurrency landscape. In a recent surprise appearance at an AMA session, which was later uploaded to YouTube, Hoskinson shared his thoughts on Ethereum’s (ETH) standing in the next 10 years.

Despite praising the brilliance of the Ethereum project, Hoskinson highlighted that it is a victim of its own success due to its “network effect” and “momentum,” similar to how MySpace and BlackBerry were once kings of their domains before their swift declines.

According to Hoskinson, Solana is rapidly absorbing Ethereum’s user, developer, and investor base as people migrate to more modern and high-performance blockchains, a process that is only accelerating Ethereum’s downfall.

Moreover, Hoskinson pointed out that layer-2s are syphoning the “alpha” (and revenue) out of the layer-1.

“The layer-2s will continue to suckle out all of the alpha and people will start fighting and it’ll get harder and harder for Vitalik to be able to hold it together through sheer force of will.”

The Cardano founder also touched upon what he sees as three main issues that will undermine the network’s long-term viability: an outdated architecture, a fractured ecosystem (where L2s come into play), and a lack of effective governance.

Despite his best efforts to be nice, he criticized the Ethereum accounting model, virtual machine, and consensus mechanism quite sharply, claiming they aren’t engineered for long-term sustainability.

Can Ethereum Survive?

ETH is currently down 14.8% in the last month and over 60% from its all-time high three years ago, despite its best efforts last year to reach the $4,000 mark, according to data from CoinMarketCap. While most analysts and influencers can call the bottom, the fundamentals aren’t backing them up.

Spot Ether ETFs listed in the U.S. saw $10 million in net outflows from April 21 to 23, according to data from the SEC, despite Bitcoin ETFs hitting new records for inflows.

Moreover, it appears that ETH whales are selling Ethereum now that the price has seen a slight uptick. Popular crypto analyst Alí Martínez tells his over 130,000 followers that whales have offloaded over 63,000 ETH in the last two days, roughly $110.2 million.

“Whales capitalized on the recent price surge, unloading over 63,000 #Ethereum $ETH in the past 48 hours!”input: Charles Hoskinson, the founder of Cardano (CRYPTO: ADA), is known for his candid opinions on the cryptocurrency landscape.

In a surprise appearance at an AMA session, which was later uploaded to YouTube, Hoskinson shared his thoughts on what will happen to Ethereum (CRYPTO: ETH) in the next 10 years.

Despite praising the brilliance of the Ethereum project, Hoskinson highlighted that it is a victim of its own success due to its “network effect” and “momentum,” similar to how MySpace and BlackBerry were once kings of their domains before their swift declines.

According to Hoskinson, Solana (CRYPTO: SOL) is rapidly absorbing Ethereum’s user, developer, and investor base as people migrate to more modern and high-performance blockchains, a process that is only accelerating Ethereum’s downfall.

Moreover, Hoskinson pointed out that layer-2s are syphoning the “alpha” (and revenue) out of the layer-1.

“The layer-2s will continue to suckle out all of the alpha and people will start fighting and it’ll get harder and harder for Vitalik to be able to hold it together through sheer force of will.”

The Cardano founder also touched upon what he sees as three main issues that will undermine the network’s long-term viability: an outdated architecture, a fractured ecosystem (where L2s come into play), and a lack of effective governance.

Despite his best efforts to be nice, he went on to criticize the Ethereum accounting model, virtual machine, and consensus mechanism quite sharply, claiming they aren’t engineered for long-term sustainability.

Can Ethereum Survive?

ETH is currently down 14.8% in the last month and over 60% from its all-time high three years ago, despite its best efforts last year to reach the $4,000 mark, according to data from CoinMarketCap. While most analysts and influencers can call the bottom, the fundamentals aren’t backing them up.

Spot Ether ETFs listed in the U.S. saw $10 million in net outflows from April 21 to 23, according to data from the SEC, despite Bitcoin ETFs hitting new records for inflows.

Moreover, it appears that ETH whales are selling Ethereum now that the price has seen a slight up