Ethereum is ethereum... The only project can beat it is maybe NEO, but is very early to tell... Ethereum is a beast, because it works and everybody use it. Waves is unknown to me in the matter of what special with it.
Certainly, Ethereum is the ruler of Altcoins and it has been on the top from the starting. I am just talking about Altcoins here so dont get the wrong idea that it is somewhere near to bitcoin or anything like that. Personally, I dont find any project capable of competing Ethereum in Altcoins only. Though monero, neo, ltc and waves are among the toppers but it would take them some more years to acquire the level of Ethereum and by that time, Ethereum would have secured some upper level.
Agree with neo and waves as toppers. The other one I think can make an impact is iota. Overall none will compete with ethereum, but they can successful in their own ways.