The Ethereum there is no real competition except for NEO, maybe in the future, and stratis. So I would not expect that the waves will be able to compete with him.
Every token creation platform can compete against each other and try to be the best solution for creating new ICO but the biggest challenge will come in the form of regulation by the governments around the globe when it comes to the idea of collecting money with just an idea 
. There are many challenges coming up for these coins in the future before they compete with each other.