The upgrade to 2.0 is distant, and Ethereum is losing market dominance.

Ritu77

However, the entire upgrade process to version 2.0 has no clear timetable, and it is only confirmed to take several years. The entire blockchain industry is skeptical about whether Ethereum can truly succeed in upgrading and achieve the ideal described by Vitalik Buterin, filled with various doubts.

Recently, articles have pointed out that Ethereum, once dominant in the blockchain, is losing market advantage. Not only are EOS and Tron attracting more developers, but some startups are also turning to other platforms for token issuance, and Ethereum is no longer the only choice.

According to DappRadar data, as of January this year, only 28% of active dApp users use Ethereum, significantly lower than EOS's 48%, and not much different from Tron's 24%. In comparison, Ethereum's market share was as high as 100% in the same period last year. Although dApps on EOS and Tron are predominantly gaming and gambling, without a blockbuster like Ethereum's CryptoKitties, the shaky position of Ethereum is an undeniable fact.

Furthermore, Ethereum's decentralized governance model is also under criticism, even causing a loss of faith among core community members.

'Ethereum 2.0 is a distant promised land, and it won't arrive unless we have a governance model that can lead us there,' said Lane Rettig, an independent Ethereum core developer and founding member of the Ewasm team, in a series of recent tweets, pointing out that Ethereum's governance is in serious trouble.

'Ethereum's governance has failed,' Lane Rettig bluntly stated. The problem is that the current Ethereum is essentially a 'technocracy,' where a small group of core developers holds the final decision-making power for protocol updates. While this model may have worked when Ethereum was small, facing increasing challenges in non-technical domains today, core developers are hesitant to take on and evade these decision-making responsibilities.

Renowned economist and blockchain critic 'Dr. Doom' Nouriel Roubini, in another conversation with Vitalik Buterin at the Deconomy event, harshly criticized Ethereum's transition efforts, stating that the proof-of-stake mechanism only means 'more stake, more power.

Samiksha

That does have certain advantages.

Kahn332

It's good to assess the market, let's take a look at the advantages and disadvantages between them.

Kalkin995

The road to upgrade is definitely not smooth sailing.