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 exploring different approaches to scalability and settlement on Ethereum. While they may not necessarily aim to take over Ethereum's spot, they do provide valuable insights and innovations to the ecosystem. Keeping an eye on them can offer you a broader perspective on the developments in the space. Happy exploring!