Waves has a good platform, but in reality until now has not been able to defeat or overtake Ethereum. I doubt later Waves will be able to replace Ethereum, and I still believe Ethereum is better than Waves.
WAVES will not be able to defeat Ethereum, even to match it is very difficult, ETH has a very strong community and almost becomes a trading pair throughout the exchange, in addition ETH also has a very great development team. while WAVES does not have a community that is as strong as ETH and it is very rare for successful projects to use the WAVES blockchain