comparing the two coins I think now is impossible, ethereum is a platform that is most popular with many people and is an ICO / IEO relationship while waves have no development at all. so I think it's still difficult for waves to replace ethereum.
indeed the difference in development is still far away. ethereum is already too strong in the market. it is difficult for waves to win or defeat it. unless there is a lot of adoption of new projects that join the chain of waves, it allows waves to fly. but it seems the opportunity is gone. see the BEP chain now adopting a lot of projects from ERC.