I think RoyalRoadLegends would be more of a competition than Wattpad. RRL focuses more on fantasy style of webnovels (containing many LN/wuxia/litrpg) stories which are for the most part alright with quite a few good ones and all novels get a couple thousand views if they have enough words.
Meanwhile Wattpad... 99% of the novels are sappy teen romances, 99% never go over 1000 words, and you'd be lucky to get noticed within the mountains of trash... there are a LOT more novels on Wattpad, but that unfortunately doesn't translate into a lot more GOOD novels.
For now I think the way the RRL site is arranged allows for a healthy eco-system, I just hate the Wattpad arrangment by now, and its hard to say how Inkstone will be yet, but I have high hopes if they will perhaps work similarly to Qidian in that we might see the more popular English stories get translations to chinease and Japanease so that both audiences and both sides of Authors get more exposure. Would be interesting.