According to PANews, Cardano founder Charles Hoskinson expressed skepticism about Ethereum's long-term prospects during an AMA session on Wednesday. Hoskinson, who is also a co-founder of Ethereum, highlighted three major structural flaws in the blockchain: an erroneous economic model, virtual machine design, and consensus mechanism. He criticized Layer 2 solutions as "parasitic systems" that fail to address core scalability issues and instead extract value from the main chain.
Despite Ethereum currently holding the largest total value locked (TVL), Hoskinson compared its situation to former tech giants MySpace and BlackBerry, predicting that users will gradually migrate to other ecosystems, particularly the Bitcoin DeFi system.