Ethereum Faces Challenges Amidst Comparisons with Solana

According to PANews, Ethereum (ETH) is facing scrutiny due to its longstanding issues, despite previous market hype. The platform is likened to a decentralized international NGO, characterized by bureaucracy and procedural justice. Vitalik Buterin, often seen as a central figure, has relinquished centralized power, allowing Layer 2 solutions to operate with limited financial contributions to the central system. This situation is compared to the dissolution of the Soviet Union or the British Commonwealth, with even weaker ties. Concerns are raised about Ethereum potentially becoming like IBM, a brand known for technology output but not capitalizing on market take rates like Amazon or Google. Instead, Ethereum offers free tech licenses, accessible to all through the Ethereum Virtual Machine (EVM). A recurring issue within the developer community is the perceived favoritism towards those close to the Ethereum Foundation, which contradicts Ethereum's foundational principles. This culture of alignment with the foundation is seen as contrary to the platform's original ethos. Wall Street institutions reportedly view Ethereum as a reliable, branded blockchain, partly due to its potential for permissioned chains, a concept likened to IBM's approach. This perspective aligns with the strategies of Chinese financial institutions. In contrast, Solana is described as embodying a startup culture—centralized, efficient, and execution-focused. Its business model supports the entire system with a single token, fostering a developer culture akin to a vibrant, experimental community. From a team and cultural standpoint, Solana is seen as a multinational tech startup. Ultimately, the competition between Ethereum and Solana is viewed positively, as both platforms contribute to the global effort of asset tokenization.