VanEck: Ethereum's underperformance due to declining network revenue

VanEck, the U.S. asset management company that issued the Bitcoin spot exchange-traded index fund (ETF) and the Ethereum spot ETF, said in an independent report that Ethereum's performance was weaker than expected.
According to reports, VanEck said in its report that Ethereum’s poor performance was due to factors including a decline in network revenue.
VanEck said, "Consumer interest in higher-throughput Layer 1 blockchains such as Solana is likely to impact Ethereum's overall revenues.
"Competition is intensifying with companies like Solana, Sui, and Aptos," he said. According to the data, Ethereum's share of decentralized exchanges (DEX) rose 1.2% last year to 1.2% in 2022.
That number has fallen from 42% in the past to 29% this year.