Like what BNB and Solana did, they managed to take over the cryptocurrency sector with the blockchain they built so far which is very good. and they offer much lower transaction fees. so that new projects flock to keep their distance and eventually leave Ethereum.
But does that mean ETH is over?
No, it's not.
ETH is a top old coin, which already has a name and high trust. Its market cap also cannot be matched by other altcoins. because of that, the coin can really survive in all market conditions, only we have to be much more patient.
I don't deny the strength of Sol's and Bnb's technology and communities; they're genuinely potential Eth rivals in the future. The memecoins trend exploded on Sol and Bnb instead of going to Eth like last season, which also caused Eth to miss out on huge transaction fees and fall into token inflation.
However, we can also consider the ecosystems of L2s like Base, Arb, and Op to be part of Eth because they leverage the decentralized value of L1 in their operations. Sol and Bnb won't be able to have as large a community as Eth L1 & L2, which means that technologically, they can't replace Eth in the short term. The same goes for marketcap: SOL and BNB have increased in price very well over time, but their cap is still too small compared to the ETH cap.