Multicoin Capital Partner: Ethereum's two major issues are poor L2 interoperability and outsourcing the execution layer to L2

Kyle Samani, managing partner of Multicoin Capital, recently elaborated on his views on the main challenges Ethereum is currently facing in an interview. Samani pointed out that Ethereum faces two core issues: poor Layer 2 interoperability leading to a bad user experience, and outsourcing the execution layer to Layer 2 resulting in value capture loss. He believes these two factors account for 80-90% of the reasons why ETH has been underperforming recently.

 

Samani questioned Ethereum's excessive pursuit of decentralization and validator numbers while neglecting user needs and financial functions. He is more optimistic about Solana's development path, believing it places more emphasis on building efficient financial infrastructure. Regarding the prospects of Layer 2 solving Ethereum's problems, Samani remains skeptical as he thinks it would be difficult for various Layer 2s to reach a unified standard. Although acknowledging that Ethereum has advantages in regulatory status and talent reserves, Samani believes system design limits these advantages.