Investment Company Director Heavily Criticized Ethereum: “It Has Achieved Nothing in Eight Years”

Kyle Samani, Managing Director of cryptocurrency investment company Multicoin Capital, has leveled harsh criticism against Ethereum.

Samani argued in his statement that Ethereum has fallen far short of expectations over the past eight years, targeting the network’s growth rate and structural stagnation within the ecosystem.

Samani stated that Ethereum’s progress has been much slower than he anticipated, arguing that it has achieved almost nothing significant in a long period of eight years. He suggested that a serious “dormant state” has developed within the Ethereum ecosystem during this time, and that he did not foresee encountering such strong resistance, both technically and in terms of governance.

Samani stated that this disappointment led him to seek alternative blockchain solutions, and he highlighted Solana in this regard. He argued that Solana balances engineering discipline with product focus, while also offering a more financially rational approach.

Following these assessments, Samani stated that Multicoin Capital has been increasingly placing more weight on Solana in its investment strategy, saying, “We have doubled, tripled, and quadrupled our belief in Solana.”