Rather than calling it dead, I'd rather call it a new stablecoin. A new era of stablecoins has arrived, after Ripple (XRP) which was the stablecoin for years, now it's Ethereum (ETH) turn to replace $XRP 
.
This is all because there are so many bullshit scaling solutions in the Ethereum (ETH) ecosystem, leaving people with so many alternatives to choose from, that the network activity is ultimately not as busy as it was in its early days.
.This is all because there are so many bullshit scaling solutions in the Ethereum (ETH) ecosystem, leaving people with so many alternatives to choose from, that the network activity is ultimately not as busy as it was in its early days.
ETH, a stablecoin? I don't think so. Especially when it lost a large portion of it value since 2021. If you bought some ETH by then, you'd be at a huge loss by now. $1.8k is very far away from the last recorded ATH of over $4.8k.
You're right about the many scaling solutions (L2s) built on Ethereum. They drive people away from the main chain. Developers are reluctant to introduce any changes on the network that would improve on-chain scalability. PoS alone is not enough for gas fees to decline. Raising the gas limit, Sharding, and a few other improvements will.
While ETH devs keep "stalling", competing chains such as Solana and BSC are quickly gaining traction. It's getting too late for ETH to stay at the top of market dominance. The only thing that might save it is the first-mover advantage. Only time will tell us if ETH has what it takes to provide consistent innovation and real world usability. Otherwise, Solana will "eat its cake". Just my two sats.
