So off-topic question. Projects like Initia and Megaeth, are they trying to take over Ethereum's spot as the settlement layer? Are they competitors? How's it work and do I have to keep an eye on things here too lol?

Initia and Megaeth are indeed interesting projects, but Ethereum remains a dominant player in the smart contract and decentralized application space. While they may offer different solutions, Ethereum's network effect and developer community give it a strong competitive advantage. Keeping an eye on emerging projects is always a good idea for staying informed in the rapidly evolving crypto space!