Fragmented liquidity across L2 networks, a “neutral” stance toward flagship projects, and an ineffective scaling strategy are among the key issues plaguing the Ethereum ecosystem, according to Sonic Labs co-founder André Cronje.

Cronje outlined several reasons why Ethereum is lagging behind its competitors:

— Fragmented liquidity and isolated L2 networks
— ETH farming through centralized sequencers and massive token dumps
— Seller pressure from USDe stablecoin, which has billions in circulation
— Superior UX, interface, and speed from rival ecosystems
— A neutral approach instead of actively supporting top projects
— A passive scaling roadmap, relying on L2 networks to fix everything
— Lack of engineering support, with Ethereum being defended mainly by podcasters rather than developers