After a century of research on electrocatalytic reactions, a universal theory of electrocatalysis is still not established due to limited understanding of complex energy conversion processes at electrified electrode‐electrolyte interfaces. Most of the research efforts directed toward the acceleration of important electrocatalytic reactions (e. g. hydrogen evolution reaction) were in the direction of minimizing activation energy by tuning the adsorption energies of key intermediates. This kind of approach is well‐established and, importantly, in some cases it was valuable by predicting the design of electrocatalysts with advanced properties. However, in some very important research endeavors, advancement in performance of newly designed electrocatalysts could not be attributed to altered/minimized activation energy. Important to note is that modern electrocatalysis almost completely disregards influence of the preexponential factor on reaction rate. In this work, we open some important questions relevant for future of electrocatalysis and electrochemical energy conversion, with special focus on preexponential factor as major contributor to electrocatalytic reaction rate.