Looking at the remarks of Sasha (CEO of Waves Platform), I cannot think WAVES is hostile to Ethereum.
Rather, Waves seems to be looking for a way to coexist with ETH, just like a side chain.
from what ive seen ethereum developers and waves are friends rather than enemies and both share the same goal of making cryptocurrencies go mainstream. i hope for both to be successful. Im fairly confident that waves will also reach similar market caps as ethereum as both have great developers and more recently waves has been showing excellent potential. I look forward to waves ng release.
