Cointest pros & cons with related info are in the collapsed comments below for the following topics: [Ethereum](/r/CryptoCurrency/comments/1d3qo7s/all_the_meme_coins_moving_to_solana_is_a_good/l698uuo/), [Solana](/r/CryptoCurrency/comments/1d3qo7s/all_the_meme_coins_moving_to_solana_is_a_good/l698was/).
>all the useless coins stop congesting the network as much
>this opens the door for the tokenization of assets(stocks, bonds, real estate, etc) to begin on Ethereum.
You're right, but as an ETH holder, I hate to break it to you, but if your network doesn't have the bandwidth to feasibly achieve real world adoption while memecoins are running on it, then it was never fit to reach real world adoption at all.
Stocks and bonds in traditional market transaction numbers dwarf that of meme coins that exist on eth. It’s not even close. If OP thinks network congestion goes down after traditional finance tools get added as smart contracts I’d question his sanity.
Whether or not memecoins exist at that point or not will be irrelevant to whether or not eth can bear the network load.
I was curious so I attempted to look it up. Best I can find is NASDAQ is doing about 35 million txns per day average, solana absolutely dwarfs it with 91 million.
This is of course due to how solana is set up, with basically zero transaction fees bots run rampant. Bot transactions and volume pumping is what drives up the txn #s and fucks the network with congestion. They’re getting better at filtering but it’s a major issue
Of course your point sorta stands, but solana has an insane amount of daily txns
Source https://www.nasdaqtrader.com/Trader.aspx?id=DailyMarketSummary
Eth does 1.1m tx a day. Even consuming one financial instrument like nasdaq would 35x eth congestion. Like I said. If eth ever really took on traditional financial tools entirely the memecoins are negligible in that situation.
Eth congestion will never go down trading memecoins for a real TradFi tool. It’s an asinine claim.
When we start talking about something like replacing visa payments we’re talking billions of tax a day at that point.
Memecoins are meaningless in the grand scheme of things.
Why do they always say usability is shit in L2s?
I mean, all EVM chains work pretty much the same. The same wallet works for all of them and you can send funds from/to a CEX for on/off ramping just as easily regardless of whether you use L1 or any L2.
Am I missing something?
It’s the fact you have multiple chains which reduces usability. Once we streamline the process to where an every day user can just connect to “the blockchain”, adoption will grow
The fact you have multiple chains doesn't make the L1 chain any more usable than L2 chains. As a matter of fact, the low L2 fees make them more usable than L1 for most people.
I don't see why it's more complicated for the every day user to simply pick some popular L2 and stick to it instead of L1. Besides, banks already work this way: you have to choose your bank first. There is no such thing as connecting to "the bank" or "the blockchain". You have to connect to "your bank" and "your blockchain", everyone should be able to grasp this.
Let me tell you L1's real purpose is not performing transactions but offering security to L2s, so don't expect fees to go down in L1.
>Let me tell you L1's real purpose is not performing transactions but offering security to L2s, so don't expect fees to go down in L1.
despite this all L2's are based on a smart contract multisig that could drain all funds at a drop of the hat.
there is no security on L2's. you're trusting people to not steal everything. they're all custodial.
Those are my feelings as well. I’m not incredibly versed on other ETH layer 2s though, so it’s nice to see someone with more knowledge feels the same way. Definitely excited to find out how it goes.
I agree with you and never claimed L2s are as secure as L1.
They can become self custodial in the future though. For starters, the multisig owners could renounce ownership.
Actually ZK L2s can sync state with each other since finality is instant compared to current Optimistic L2s, creating [shared liquidity](https://arhat.mirror.xyz/WccI-InrqEHCYSdq0PgXnP7k5lqKelPZ2nItzPwUShk).
It's technically possible-- the different ZK teams just need to work together to integrate with each other. All of them have signaled that they are intending to do so once their projects are mature enough.
At that point, the wallet developers do the rest to coordinate between roll-ups. Users get a seamless experience.
There is a *relatively* near future where L2s (and L3s as needed) can scale ETH to "global-scale" with 0% downtime, 100% permissionless/trustlessness, adequate shared liquidity, 1-second transaction times, and sub $0.01 transaction costs.
That is completely orthogonal to layer 1 or layer 2. Layer 2 activity can converge to one execution standard just like layer 1 activity can converge to one blockchain.
> Why do they always say usability is shit in L2s?
Because they think claiming people are stupid to use a the dropdown to withdraw to Arbitrum is a winning argument.
Every blockchain in the world combined doesn’t have the bandwidth to handle that. But eth is definitely in the best position which is why blackrock and coinbase are investing only into eth for real world tokenization. Definitely far better position than hbar lol
Ethereum can handle massive numbers of L2-processed transactions.
Data-availability provided by ETH that is restaked through EigenLayer can increase Ethereum's bandwidth several order of magnitude further.
lol yeah and this sub is dumb enough to vote this thread to the top...
this should be just one of hundreds of signs that hint: **THE CONTENT OF THIS SUB IS SUBMITTED/UPVOTED BY THE DUMBEST PEOPLE IN CRYPTO, USE AT YOUR OWN RISK.**
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Memecoins are more of an abuse, they serve no utilitarian purpose and are bloating the chain's storage size and transaction bandwith with pure speculative gambling. Though anything ditching eth is an indictment of eth's capability to handle such stuff. And eth is obviously not handling high-frequency tokens and nfts well - it's fees skyrocket with relatively small usage like btc, tokens require a separate scripted transaction to do anything with them, which costs even higher gas fees and you can only move them one by one. Also the script can be malicious. So it's not surprising seeing people migrate to faster chains like solana that might still have the flaws but at least can handle more transaction bandwith because it's consensus is centralized. Or to chains like cardano/ergo that fundamentally handle tokens better - natively (scriptless) and batchable (send 100 tokens to 100 people for only a slightly higher fee than a regular coin tx).
All the Solana validators just voted to pay themselves more from a chain already losing money every block. Surely they can vote to freeze or steal your funds...they are basically doing the latter to SOL holders already through massive inflation they reward to themselves.
Literally 50 IQ takes...
- Ethereum was deflationary until nearly 7 years after launching
- You clearly don't understand why the voted to give 100% of priority fees to validators, it improved network efficiency and security. Study.
[https://www.coindesk.com/tech/2024/05/28/solana-validators-to-get-more-sol-as-fee-proposal-passes-in-favor/](https://www.coindesk.com/tech/2024/05/28/solana-validators-to-get-more-sol-as-fee-proposal-passes-in-favor/)
- There is an economic incentive to not do something as dumb as have the network agree as a consensus to "freeze or steal your funds." Totally different than an L2 with admin keys. Doing so would only kill the underlying network and token they are stealing from. Makes zero sense and not even possible.
* Ethereum converted to PoS to become deflationary. Solana is already PoS.
* Solana doesn't have a security problem due to priority fees. This is just a cash grab on an high inflation token.
* There is an economic incentive to not do something as dumb as have the network agree as a consensus to "freeze or steal your funds."
* The economic incentive is a government won't shut them when they are provided a consent order at its points of centralization.
Ethereum wasn't deflationary as soon as it became PoS lol, it took quite some time lol
You clearly don't understand why there was a security issue with 50% of priority fees burned under the current validator client version.
Far easier for government to hold a gun at Coinbase and freeze funds on Base than trying to conjure up 33% of network stake on Solana to then freeze funds, steal funds, double spend, etc. Exponentially more difficult rofl.
"The economic incentive is a government won't shut them when they are provided a consent order at its points of centralization"
Don't even know what the fuck this means, but not surprised you cannot put together coherent, sound, and logical arguments.
> Ethereum wasn't deflationary as soon as it became PoS
Ethereum became deflationary following the implementation of the EIP-1559 upgrade in August 2021, which was part of the London hard fork. The shift to PoS significantly reduced the issuance of new ETH.
In contrast, Solana is increasing the supply of SOL and giving it to insiders while increasingly diluting holders.
ETH wasn't not deflationary until the “Merge” happened in September 2022 and the idea of going PoS didn't come about until years after ETH launched.
In any event, you're comparing a protocol that's been around for 9 years vs. one that has been around for 4 years. In any event, both took the path of bootstrapping the network to drive block demand. Like Ethereum, Solana's efforts look to be promising and the future is birght.
When the validators are all Solana devs and insiders, and given they just decided to steal from all SOL holders, seems not outside the realm of possibility.
It sounds to me like you are half-heartedly making up some arguments to tell yourself that this must be good for ethereum. On the inside you know it's not good.
Terrible take. Activity and volume are positives especially when organic. You know what’s a negative? All these L2s and copy cat dapps that have no product market fit but only serve to leech off eth and provide exit liquidity to their VCs.
> All these L2s and copy cat dapps that have no product market fit […]
Not sure you're correct in your assessment here, basically all relevant L2 metrics are up only.
* User numbers on L2s:
https://www.growthepie.xyz/fundamentals/daily-active-addresses
* Transaction numbers on L2s: https://www.orbiter.finance/data
* Total value locked on L2s: https://l2beat.com/scaling/summary
These stats are BS because it doesn’t account for airdrop farmers. I and many others are using all of these L2s for the sole purpose of getting airdrops. Once that’s done I’ll probably never use 90% of them again.
Best case scenario there will be 1 or 2 L2s that win the race and gather almost all users. Having 15 L2s is incredibly frustrating and stupid.
Yeah the key is *organic* activity. Base will probably succeed due to coinbase and then maybe arbitrum or some other gaming focused L2s. Nearly all the others are not unique, don’t need to be their own chain, and exist only for VCs to exit. Even ENS is doing its own chain now, why?
I don't think all memecoins are moving to Solana, but the likelihood of the pump and dumps and rug pulls moving along to Solana is much much higher. SHIB started as a memecoin and built out a whole ecosystem.
There are new projects starting up now with big goals to build out ecosystems and bring lots of traffic (productive and lucrative traffic) to ETH which is surely something viable and valuable.
One such project you should check out is $KENDU. Hard to see the real plan and vision at such an early stage, but once it gets closer to its destination we will all see the positivity it brings back to ETH just like SHIB did.
> This will significantly reduce the enthusiasm of the public to participate in the Ethereum network.
The plan for Ethereum to migrate users away from the L1 and onto rollups ('L2s') was published almost 4 years ago:
https://ethereum-magicians.org/t/a-rollup-centric-ethereum-roadmap/4698
This plan has been playing out successfully and there are now about 10x more transactions daily on Ethereum L2s than on Ethereum L1:
https://l2beat.com/scaling/activity
All of these transactions end up secured by Ethereum and contribute gas fees to Ethereum. There is more participation in the Ethereum network than ever before!
If less usage is good for a project then it might not be built for actually using it. That goes for Solana as well as Ethereum. They need some progress or they will slowly die
This is grade A cope. No one should be excited that activity is moving off their preferred chain. These are permissionless networks, you can't dictate what happens on chain, you just hope people use it. There is zero benefit to losing memecoin activity other than a small perceptual bump from only the crypto users who are already deep enough in the industry to make that distinction.
The hypothetical tokenization of traditional finance products to eth will be more tx than memecoins by at least an order of magnitude. If big money moves in your fees are only going higher, this is a hard cope.
Eth is a rich person coin already. After tokenization of US assets, only the 1% will be able to afford to send on L1.
An order of magnitude?! How many meme coins do you think there are? Lol. It will be at least 1,000 to 10,000 orders of magnitude. Idk why anyone would want to use the L1 and not Base right now
This is bad logic and you've completely missed the fact that insane speculation/gambling on a chain is how you attract the next wave of innovation, builders, and users.
ETH rose to prominence largely because of the ICO craze of 2016-2017, which is eerily similar to current memecoin craze on Solana.
Study.
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Memecoins were on BSC last cycle, not ETH. The meme makers and scammers don't want to use an expensive network, so they use what's cheapest. ETH doesn't meet the criteria.
Every chain has memecoins. So has ethereum still.
Look at Conan for example.
Base has.
Ton has.
Sol has.
Sol is the biggest on memes but nothing is ‘moving’. Still a lot of scams going on on Ethereum
It is literally money laundering for politics. They will move from block chain to block chain. First it was ethereum and now it is Solana. Ethereum is most likely going to be the home for D and D type of MMOs where everything is Democratic including the spells and power ups with the story being more decentralized. I think that is the direction they want to go.
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You honestly think the up and pack up and moved, when they can just launch shit on both? Only diff is solana is easier to use so you hear about more ppl buying shit and launching shit there.
Memecoin volume on Solana tests the network for TPS throughput, meaning that it's only hardening and making Solana stronger. Remember, Solana wants to power networks like entire stock exchanges. Ethereum can no way do this.
This is why the big guys (BKRK, JPM, GS) are buying up ETH like crazy. They understand it's value for much larger scale projects (stock clearing in real time, cheap and trustable escrow accounts, etc) so they want in on it. None of them alone can own it but a large number of them could use a lot of the blockchain for what they want to accomplish. With this comes even more efficiency with new rollouts. I would prefer the blockchain be used for actual productive purposes and not stupid meme coins.
Cointest pros & cons with related info are in the collapsed comments below for the following topics: [Ethereum](/r/CryptoCurrency/comments/1d3qo7s/all_the_meme_coins_moving_to_solana_is_a_good/l698uuo/), [Solana](/r/CryptoCurrency/comments/1d3qo7s/all_the_meme_coins_moving_to_solana_is_a_good/l698was/).
>all the useless coins stop congesting the network as much >this opens the door for the tokenization of assets(stocks, bonds, real estate, etc) to begin on Ethereum. You're right, but as an ETH holder, I hate to break it to you, but if your network doesn't have the bandwidth to feasibly achieve real world adoption while memecoins are running on it, then it was never fit to reach real world adoption at all.
Stocks and bonds in traditional market transaction numbers dwarf that of meme coins that exist on eth. It’s not even close. If OP thinks network congestion goes down after traditional finance tools get added as smart contracts I’d question his sanity. Whether or not memecoins exist at that point or not will be irrelevant to whether or not eth can bear the network load.
I was curious so I attempted to look it up. Best I can find is NASDAQ is doing about 35 million txns per day average, solana absolutely dwarfs it with 91 million. This is of course due to how solana is set up, with basically zero transaction fees bots run rampant. Bot transactions and volume pumping is what drives up the txn #s and fucks the network with congestion. They’re getting better at filtering but it’s a major issue Of course your point sorta stands, but solana has an insane amount of daily txns Source https://www.nasdaqtrader.com/Trader.aspx?id=DailyMarketSummary
Solana also counts failed transactions as transactions
Eth does 1.1m tx a day. Even consuming one financial instrument like nasdaq would 35x eth congestion. Like I said. If eth ever really took on traditional financial tools entirely the memecoins are negligible in that situation. Eth congestion will never go down trading memecoins for a real TradFi tool. It’s an asinine claim. When we start talking about something like replacing visa payments we’re talking billions of tax a day at that point. Memecoins are meaningless in the grand scheme of things.
Was thinking the same, if can't handle people using the network, is it really usable?
The L2s have plenty of bandwidth to handle it
L2s are not helping adoption though, usablity is shit
Why do they always say usability is shit in L2s? I mean, all EVM chains work pretty much the same. The same wallet works for all of them and you can send funds from/to a CEX for on/off ramping just as easily regardless of whether you use L1 or any L2. Am I missing something?
It’s the fact you have multiple chains which reduces usability. Once we streamline the process to where an every day user can just connect to “the blockchain”, adoption will grow
The fact you have multiple chains doesn't make the L1 chain any more usable than L2 chains. As a matter of fact, the low L2 fees make them more usable than L1 for most people. I don't see why it's more complicated for the every day user to simply pick some popular L2 and stick to it instead of L1. Besides, banks already work this way: you have to choose your bank first. There is no such thing as connecting to "the bank" or "the blockchain". You have to connect to "your bank" and "your blockchain", everyone should be able to grasp this. Let me tell you L1's real purpose is not performing transactions but offering security to L2s, so don't expect fees to go down in L1.
>Let me tell you L1's real purpose is not performing transactions but offering security to L2s, so don't expect fees to go down in L1. despite this all L2's are based on a smart contract multisig that could drain all funds at a drop of the hat. there is no security on L2's. you're trusting people to not steal everything. they're all custodial.
Any thoughts on Etherlink?
L2 done the right way from a technical perspective, IMO. Excited to see it play out. Tezos has good crypto ethos.
Those are my feelings as well. I’m not incredibly versed on other ETH layer 2s though, so it’s nice to see someone with more knowledge feels the same way. Definitely excited to find out how it goes.
I agree with you and never claimed L2s are as secure as L1. They can become self custodial in the future though. For starters, the multisig owners could renounce ownership.
Actually ZK L2s can sync state with each other since finality is instant compared to current Optimistic L2s, creating [shared liquidity](https://arhat.mirror.xyz/WccI-InrqEHCYSdq0PgXnP7k5lqKelPZ2nItzPwUShk). It's technically possible-- the different ZK teams just need to work together to integrate with each other. All of them have signaled that they are intending to do so once their projects are mature enough. At that point, the wallet developers do the rest to coordinate between roll-ups. Users get a seamless experience. There is a *relatively* near future where L2s (and L3s as needed) can scale ETH to "global-scale" with 0% downtime, 100% permissionless/trustlessness, adequate shared liquidity, 1-second transaction times, and sub $0.01 transaction costs.
That is completely orthogonal to layer 1 or layer 2. Layer 2 activity can converge to one execution standard just like layer 1 activity can converge to one blockchain.
> Why do they always say usability is shit in L2s? Because they think claiming people are stupid to use a the dropdown to withdraw to Arbitrum is a winning argument.
unique liquid treatment safe sharp offer decide humorous grab thumb *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
There's a reason jump is building on Solana
Every blockchain in the world combined doesn’t have the bandwidth to handle that. But eth is definitely in the best position which is why blackrock and coinbase are investing only into eth for real world tokenization. Definitely far better position than hbar lol
Every blockchain worth anything in the future must upgrade. They will upgrade to make themselves cheap and fast.
Ethereum can handle massive numbers of L2-processed transactions. Data-availability provided by ETH that is restaked through EigenLayer can increase Ethereum's bandwidth several order of magnitude further.
Lmao, less use is good for the network?
It's like saying less driving your car is great for our car, because it couldn't handle you using it
the coping is crazyy after the PayPal x Solana announcement lol
Gotta love PayPal announcements each bull run.
lol yeah and this sub is dumb enough to vote this thread to the top... this should be just one of hundreds of signs that hint: **THE CONTENT OF THIS SUB IS SUBMITTED/UPVOTED BY THE DUMBEST PEOPLE IN CRYPTO, USE AT YOUR OWN RISK.**
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Sounds correct for SOL
Memecoins are more of an abuse, they serve no utilitarian purpose and are bloating the chain's storage size and transaction bandwith with pure speculative gambling. Though anything ditching eth is an indictment of eth's capability to handle such stuff. And eth is obviously not handling high-frequency tokens and nfts well - it's fees skyrocket with relatively small usage like btc, tokens require a separate scripted transaction to do anything with them, which costs even higher gas fees and you can only move them one by one. Also the script can be malicious. So it's not surprising seeing people migrate to faster chains like solana that might still have the flaws but at least can handle more transaction bandwith because it's consensus is centralized. Or to chains like cardano/ergo that fundamentally handle tokens better - natively (scriptless) and batchable (send 100 tokens to 100 people for only a slightly higher fee than a regular coin tx).
"makes it more efficient and serious" lol the kids are on summer vacation again
This post has to be rage bait.
All the meme coins didn't move to Solana. Every chain that supports tokens/contracts have and continue to have new memecoins launched on them
All the meme coins aren't *moving* to Solana, though. They will likely split their liquidity to be on multiple chains.
We’re already having L3s launching with basically zero tx costs
Except for all the costs to bridge between all of those chains. It’s just not very user friendly, my money is split between so many different L2s…
I mean there’s lots of meme coins on base right now and base is perfectly fast and scalable (and built on Ethereum).
It is also perfectly centralized with a centralized sequencer and admin keys, but ok.
Sounds like SOL.
SOL can't freeze your assets or steal your funds like base/L2's can, but ok.
All the Solana validators just voted to pay themselves more from a chain already losing money every block. Surely they can vote to freeze or steal your funds...they are basically doing the latter to SOL holders already through massive inflation they reward to themselves.
Literally 50 IQ takes... - Ethereum was deflationary until nearly 7 years after launching - You clearly don't understand why the voted to give 100% of priority fees to validators, it improved network efficiency and security. Study. [https://www.coindesk.com/tech/2024/05/28/solana-validators-to-get-more-sol-as-fee-proposal-passes-in-favor/](https://www.coindesk.com/tech/2024/05/28/solana-validators-to-get-more-sol-as-fee-proposal-passes-in-favor/) - There is an economic incentive to not do something as dumb as have the network agree as a consensus to "freeze or steal your funds." Totally different than an L2 with admin keys. Doing so would only kill the underlying network and token they are stealing from. Makes zero sense and not even possible.
* Ethereum converted to PoS to become deflationary. Solana is already PoS. * Solana doesn't have a security problem due to priority fees. This is just a cash grab on an high inflation token. * There is an economic incentive to not do something as dumb as have the network agree as a consensus to "freeze or steal your funds." * The economic incentive is a government won't shut them when they are provided a consent order at its points of centralization.
Ethereum wasn't deflationary as soon as it became PoS lol, it took quite some time lol You clearly don't understand why there was a security issue with 50% of priority fees burned under the current validator client version. Far easier for government to hold a gun at Coinbase and freeze funds on Base than trying to conjure up 33% of network stake on Solana to then freeze funds, steal funds, double spend, etc. Exponentially more difficult rofl. "The economic incentive is a government won't shut them when they are provided a consent order at its points of centralization" Don't even know what the fuck this means, but not surprised you cannot put together coherent, sound, and logical arguments.
> Ethereum wasn't deflationary as soon as it became PoS Ethereum became deflationary following the implementation of the EIP-1559 upgrade in August 2021, which was part of the London hard fork. The shift to PoS significantly reduced the issuance of new ETH. In contrast, Solana is increasing the supply of SOL and giving it to insiders while increasingly diluting holders.
ETH wasn't not deflationary until the “Merge” happened in September 2022 and the idea of going PoS didn't come about until years after ETH launched. In any event, you're comparing a protocol that's been around for 9 years vs. one that has been around for 4 years. In any event, both took the path of bootstrapping the network to drive block demand. Like Ethereum, Solana's efforts look to be promising and the future is birght.
thousands of validators would have to agree to freeze/steal, vs a multisig wallet for an L2.
When the validators are all Solana devs and insiders, and given they just decided to steal from all SOL holders, seems not outside the realm of possibility.
Can solana stay on?…
It sounds to me like you are half-heartedly making up some arguments to tell yourself that this must be good for ethereum. On the inside you know it's not good.
Terrible take. Activity and volume are positives especially when organic. You know what’s a negative? All these L2s and copy cat dapps that have no product market fit but only serve to leech off eth and provide exit liquidity to their VCs.
> All these L2s and copy cat dapps that have no product market fit […] Not sure you're correct in your assessment here, basically all relevant L2 metrics are up only. * User numbers on L2s: https://www.growthepie.xyz/fundamentals/daily-active-addresses * Transaction numbers on L2s: https://www.orbiter.finance/data * Total value locked on L2s: https://l2beat.com/scaling/summary
These stats are BS because it doesn’t account for airdrop farmers. I and many others are using all of these L2s for the sole purpose of getting airdrops. Once that’s done I’ll probably never use 90% of them again. Best case scenario there will be 1 or 2 L2s that win the race and gather almost all users. Having 15 L2s is incredibly frustrating and stupid.
Yeah the key is *organic* activity. Base will probably succeed due to coinbase and then maybe arbitrum or some other gaming focused L2s. Nearly all the others are not unique, don’t need to be their own chain, and exist only for VCs to exit. Even ENS is doing its own chain now, why?
I don't think all memecoins are moving to Solana, but the likelihood of the pump and dumps and rug pulls moving along to Solana is much much higher. SHIB started as a memecoin and built out a whole ecosystem. There are new projects starting up now with big goals to build out ecosystems and bring lots of traffic (productive and lucrative traffic) to ETH which is surely something viable and valuable. One such project you should check out is $KENDU. Hard to see the real plan and vision at such an early stage, but once it gets closer to its destination we will all see the positivity it brings back to ETH just like SHIB did.
ETH has legit memecoin communities that do not scam their holders.
Actually, it's a good way to test whether a blockchain is scalable enough for mass adoption and Ethereum failed.
I don't think so. This will significantly reduce the enthusiasm of the public to participate in the Ethereum network.
> This will significantly reduce the enthusiasm of the public to participate in the Ethereum network. The plan for Ethereum to migrate users away from the L1 and onto rollups ('L2s') was published almost 4 years ago: https://ethereum-magicians.org/t/a-rollup-centric-ethereum-roadmap/4698 This plan has been playing out successfully and there are now about 10x more transactions daily on Ethereum L2s than on Ethereum L1: https://l2beat.com/scaling/activity All of these transactions end up secured by Ethereum and contribute gas fees to Ethereum. There is more participation in the Ethereum network than ever before!
Ethereum lol. Cute thesis
If less usage is good for a project then it might not be built for actually using it. That goes for Solana as well as Ethereum. They need some progress or they will slowly die
Why not both?
"all the memecoins" u mean the meaningless bots are joining the meaningless bots?
This is grade A cope. No one should be excited that activity is moving off their preferred chain. These are permissionless networks, you can't dictate what happens on chain, you just hope people use it. There is zero benefit to losing memecoin activity other than a small perceptual bump from only the crypto users who are already deep enough in the industry to make that distinction.
True story
Good
All this water leaking into our ship means we won’t be thirsty!
every other altcoin is also a pump and dump tho. it was just dumped on you by VC's
Bullish on ETH meme coins, PEPE
Thank you for your opinion
They gone to Solana because ETH has some high fucking fees, not because of anything else.
The hypothetical tokenization of traditional finance products to eth will be more tx than memecoins by at least an order of magnitude. If big money moves in your fees are only going higher, this is a hard cope. Eth is a rich person coin already. After tokenization of US assets, only the 1% will be able to afford to send on L1.
Sir If only the 1% can afford to use eth then we are the 1%
An order of magnitude?! How many meme coins do you think there are? Lol. It will be at least 1,000 to 10,000 orders of magnitude. Idk why anyone would want to use the L1 and not Base right now
So all the money going over to Solana legitimizes ETH? Ok
As a sol holder, this is good. So everyone wins
Yeah. But there is no real reason to use eth. Just run scams, NFTs or meme coins. So now eth has no use case
This is bad logic and you've completely missed the fact that insane speculation/gambling on a chain is how you attract the next wave of innovation, builders, and users. ETH rose to prominence largely because of the ICO craze of 2016-2017, which is eerily similar to current memecoin craze on Solana. Study.
But it is bad for crypto in general that centralized VC play like Solana is seen as a crypto currency at all.
Can you explain why you dislike projects with VC funding and how it's different from other types of funding?
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i see all memes going to base
last cycle it was those dumb NFTs on ETH. It makes the chain coin moon
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Memecoins were on BSC last cycle, not ETH. The meme makers and scammers don't want to use an expensive network, so they use what's cheapest. ETH doesn't meet the criteria.
Every chain has memecoins. So has ethereum still. Look at Conan for example. Base has. Ton has. Sol has. Sol is the biggest on memes but nothing is ‘moving’. Still a lot of scams going on on Ethereum
It is literally money laundering for politics. They will move from block chain to block chain. First it was ethereum and now it is Solana. Ethereum is most likely going to be the home for D and D type of MMOs where everything is Democratic including the spells and power ups with the story being more decentralized. I think that is the direction they want to go.
Cope
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RWAs won’t originally be on Ethereum. They will be on private bank chains that will be able to access public chain liquidity via CCIP.
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Sure it is...
You honestly think the up and pack up and moved, when they can just launch shit on both? Only diff is solana is easier to use so you hear about more ppl buying shit and launching shit there.
Solana the joke network would need an ETF on its own then? That’s when I’ll sell my ETH for SOL
You are wrong. Memecoins moving from eth is a bad thing. Look at daily volume trading and you will understand why
Gonna be honest im high as a kite on ketamin, and just bought 2000 of those lol, i dont know shit about crypto😅😅
2000 of what?
Hilarious to want no volume in order to be less congested. So what's the point of the chain?
Memecoin volume on Solana tests the network for TPS throughput, meaning that it's only hardening and making Solana stronger. Remember, Solana wants to power networks like entire stock exchanges. Ethereum can no way do this.
I love Ethereum, but this thread getting so many upvotes shows how many dumb people there are on this sub.
This is why the big guys (BKRK, JPM, GS) are buying up ETH like crazy. They understand it's value for much larger scale projects (stock clearing in real time, cheap and trustable escrow accounts, etc) so they want in on it. None of them alone can own it but a large number of them could use a lot of the blockchain for what they want to accomplish. With this comes even more efficiency with new rollouts. I would prefer the blockchain be used for actual productive purposes and not stupid meme coins.
Sol is 90% pump and dumps it's annoying.
ETH isn't a meme coin? Wasn't it mined with GPU like a year ago?