The comment points to mounting competition from Solana, BNB Chain and layer-2 networks, highlighting pressure on Ethereum’s market position as users and activity fragment across crypto ecosystems.
Michael Saylor said confidence in Ethereum has collapsed, citing competition from Solana, BNB Chain and other L2s (layer-2 networks that process transactions off the main chain). The remark underscores a familiar market debate over whether Ethereum can maintain its lead as rival smart-contract platforms and scaling networks compete for users, trading activity and developer attention.