Kyle Samani, Managing Partner at Multicoin Capital, recently detailed his views on the main challenges currently facing Ethereum in an interview. Samani pointed out that Ethereum faces two core issues: poor user experience due to poor interoperability at Layer 2, and loss of value capture due to outsourcing the execution layer to Layer 2. He believes that these two factors explain 80-90% of ETH's recent underperformance. Samani questioned Ethereum's excessive pursuit of decentralization and validator numbers, while ignoring user requests and financial functions. He is more optimistic about the development path of Solana, believing that it is more focused on building efficient financial infrastructure. Samani is sceptical about the prospect of Layer 2 solving Ethereum's problems, arguing that it will be difficult to reach a unified standard among Layer 2. While acknowledging that Ethereum has advantages in regulatory status and talent pool, Samani believes that the system design limits the use of these advantages.