There's room enough to grow, with the current tech we could overtake Ethereum.
Some may laugh when I say that but comparing the progress of both projects, it's not a question "if" but "when" we will reach that.
To really overtake Ethereum is a long way to go. Ethereum, as the first project that introduced smart contracts, profited very much from the ICO hype we had in Q3/4 of 2017. Basically all the ICOs back then were on the Ethereum blockchain. For Waves to have a similiar success we need more projects that use the Waves platform for their tokens.
Waves usecase is a bit different than ETH. It's an ecosystem where DEX, ICO and smart contracts are combined on one platform. It's also a very different consensus algoritm (LPoS) whereby you can earn Waves by simply lease them to nodes, or you can start your own node very simply. You do not need hardware to mine Waves, like ETH.