“Ethereum Isn’t Competing With Bitcoin”, Bitwise CEO Shares Real Mission

Bitwise CEO Hunter Horsley has explained that Ethereum aims to change the basic structure of Web2 and traditional financial services, rather than trying to replace Bitcoin. This shows a growing shift in traditional money systems.

Bitwise CEO Shares Ethereum’s Mission To Upgrade Web2

In a recent post on X, Bitwise CEO Hunter Horsley stated that Ethereum is not competing directly with Bitcoin. Instead, it aims to become a key technology that replaces outdated Web2 platforms and old financial systems.

Horsley also emphasized the importance of moving away from the conventional “CoinMarketCap” view, where people perceive every cryptocurrency as merely another token with a distinct market value.

Horsley instead compared the blockchain landscape to the world of mobile apps, pointing out that just as apps have a common platform but serve completely different functions, different blockchains also provide highly specialised and distinct use cases.

Ethereum is becoming the foundation for the next generation of financial systems and decentralized applications (dApps). Due to its creative contract capabilities, developers can circumvent Web2’s inflexible architecture and replace siloed services with flexible, open-source solutions.

The ecosystem as a whole is already exhibiting this change. The advantages of Ethereum’s decentralized, permissionless design, which allows anyone to build, validate, or transact without awaiting centralized approval, have been highlighted in recent talks among industry insiders. Ethereum’s architecture is dynamic; new features can be added without causing disruptive hard forks, in contrast to the closed frameworks of the more established Web2 giants.

MegaETH: Driving Ethereum’s Scalability Beyond Web2 Limits

One of Ethereum’s most promising innovations is MegaETH, an upgrade designed to increase network capacity while preserving decentralization in a dramatic manner. 

MegaETH presents a modular execution model in which data availability, consensus, and execution function as distinct layers. The network has demonstrated an impressive 1.7 Ggas/s during public testing, which translates to approximately 130 million transactions per day. Additionally, data throughput has approached 1 GB/s.

Importantly, costly infrastructure is not required for this performance boost. Ethereum remains accessible and decentralized because full nodes can still operate on comparatively inexpensive hardware. “The ceiling isn’t just to match Web2; Ethereum’s architecture always pointed beyond it,” remarked one community member.

According to recent research, there is hope that Ethereum will surpass Web2 systems in terms of openness, flexibility, and scalability. Important developments are imminent, as evidenced by Vitalik Buterin’s plans to scale Ethereum.

Yet the industry’s evolution is clear: the narrative is shifting away from which token can flip Bitcoin in market cap. Instead, it’s about which blockchain can deliver practical, real-world utility. With MegaETH’s advances, Ethereum is increasingly viewed as the project most likely to redefine digital infrastructure itself.