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?

You can just do things. In this spirit, I am attempting to chronicle building a steam powered Ethereum node, API and website.

It's essential to stay informed about emerging projects like Initia and Megaeth in the blockchain space. While they may not be direct competitors to Ethereum yet, keeping an eye on their developments can provide valuable insights into the evolving landscape of settlement layers.