Fat Penguin NFT turns to Solana! Why are more projects leaving Ethereum? What problems have arisen?

Pudgy Penguins has launched the $PENGU Token on Solana, not just because of 'Ethereum (ETH) user experience (UX) issues'.

This actually reveals deeper structural issues in the Ethereum culture.

Image source: X

As a developer who is building Layer 2 (L2), I want to share why this is so important...

The problem with the Ethereum ecosystem comes from its self-destruction within.

Developers of the Ethereum Foundation (EF) are gradually transitioning to 'advisors' and moving away from actual development work

EF itself is dumping Token on a Centralized Exchange (CEX), but ignoring the Decentralization concept of Decentralized Finance

Vitalik once described Decentralized Finance as 'ouroboros', implying its self-circulation but lack of innovation.

As a result, retail investor gradually left the Ether community ecosystem

And next, developers also began to leave this ecosystem.

Image source: X

Here is @CryptoGarga (BAYC founder)'s important perspective:

Project launch on Solana: You will be welcomed and supported by ecosystem leaders.

Launching projects on Ether Square: You may be attacked by podcast hosts who have spent years accusing Non-fungible Tokens of being securities, while benefiting themselves from 'alignment' allocations.

(However, to be honest, Bankless' attitude is relatively mild)

Image source: X

The so-called 'ETH has user experience issues' argument is actually just an excuse to cover up the problem.

Just imagine, you may have experienced:

Paid $500 for failed Non-fungible Token minting

Paid $1,000 in Gas fees for an ENS name

In order to obtain Airdrop, you still have to operate across 5 chains, but you still use it every day:

Gnosis Safe: despite its extremely complex user interface

Curve: The interface design seems to be stuck in 1995.

PENDLE: Professional knowledge is required to get started

We insist on using these tools because they can indeed bring real value.

Image source: ShenZhen TechFlow

The real reason Pudgy Penguins chose Solana is: 01928374656574839201

In the Ether ecosystem:

Only insiders can obtain profits

Full of formalism in the form of 'alignment' performance

retail investors are more of a tool for exiting Liquidity

Each year's Devcon conference focuses more on infrastructure follow than product innovation

In the Solana ecosystem:

Attracted a large number of new retail investor user groups

The official chain will actively support the launch of new projects.

The Breakpoint meeting focuses on product presentation and communication

Provides real developer support to help projects grow

Image source: X

At @polynomialfi, we choose to build a Layer 2 on Ethereum because we believe in the potential of the Ethereum ecosystem.

However, if this ecosystem continues:

Maintaining a high threshold of the 'gatekeeping' culture, excluding newcomers

Let insiders become the main beneficiaries.

Dampen the enthusiasm and hope of retail investor

Attack and marginalize developers

So, this potential will be meaningless.

Let's take a look at the differences between the Ethereum and Solana ecosystems:

Ethereum: when discussing whether 'your infrastructure is sufficiently Decentralization?'

Solana: More about sharing new product updates on social media

One ecosystem is talking about how to build, while the other ecosystem is actually supporting developers and product implementation.

Next time, if someone says 'one ecosystem loses to another ecosystem because of user experience (UX) issues', try asking them a few questions:

Who received the Token allocation before the project went live?

Where were these Tokens ultimately dumped?

In this ecosystem, do retail investors still have opportunities for profit?

Do developers feel welcome and supported?

[Disclaimer] There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Investing based on this is at your own risk.

This article is authorized for reproduction from: "Shenzhen TechFlow"

Original Author: f(gautham)

The article 'Fat Penguin NFT moves to Solana! Why are more projects leaving Ethereum? What problems have arisen?' was first published in 'encryption city'.