According to ChainCatcher, Kyle Samani, managing partner of Multicoin Capital, recently elaborated on his views on the main challenges currently facing Ethereum in an interview. Samani pointed out that Ethereum faces two core problems: poor interoperability of Layer 2 leads to poor user experience, and outsourcing the execution layer to Layer 2 leads to loss of value capture.

He believes these two factors explain 80-90% of ETH’s recent poor performance.

Samani questioned Ethereum's excessive pursuit of decentralization and the number of validators, while ignoring user needs and financial functions. He is more optimistic about Solana's development path, believing that it focuses more on building efficient financial infrastructure.

Samani is skeptical about the prospect of Layer 2 solving Ethereum's problems, believing that it is difficult to reach a unified standard among various Layer 2s. Although he acknowledges that Ethereum has advantages in regulatory status and talent pool, Samani believes that the system design limits the realization of these advantages.