Developer Explains Why Meme Coins Are Shifting Base From Ethereum
February 15 2024 - 3:30PM
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Foobar, a code builder, criticizes Ethereum, accusing its
developers of neglecting crucial improvements. Because of this
shift, projects, including meme coin issuers, are adopting
alternative protocols, including layer-2s and modern blockchains
like Solana, which boast more features, mostly higher
scalability. Ethereum Developers Are Blocking Mainnet Updates
Taking to X, the developer claims that there have been no
major mainnet improvements chiefly because such upgrades are being
blocked by core and client developers. Specifically, Foobar cites
the long-standing delays for features like Trie State Storage
Optimizations (TSTORE) and Externally Owned Account (EOA) batch
transactions. The developer also noted the lack of block gas limit
increase since 2021. Related Reading: Bitcoin ETF Surges:
Last 4 Days Inflows Outpace Initial Weeks The developer adds that
the absence of main net updates and opcode improvements leading to
the implementation of these proposals could be why decentralized
apps (apps) launching on Ethereum are “bleeding tremendous value”
due to high fees and limitations. TSTORE and EOA batch transactions
are proposals that, if they see the light of day, could see
Ethereum scale better. Specifically, proposers of TSTORE forwarded
a solution to address storage bloat to improve performance. On the
other hand, EOA will enable the bundling of transactions from the
same sender, reducing gas fees. Meanwhile,
Etherscan data shows that the block gas limit has been capped
at around 30 million since August 9, 2021. Subsequently, Ethereum
throughput remains low, and gas fees are higher, considering the
high on-chain activity. The failure of clients to integrate these
proposals, the developer continues, makes Ethereum unusable for
“any interesting app requiring moderate complexity.” Subsequently,
many projects are migrating to layer-2s like Base, Arbitrum,
Optimism, or entirely different blockchains like Solana and
Avalanche due to limitations on the Ethereum mainnet. Meme Coins
Find Home In Solana And Others As of mid-February 2024, more meme
coin developers, reading from the popularity of emerging projects,
are deploying from high throughput and low-fee platforms like
Solana, Avalanche, and even Base. Meme coins like Bonk, Honk, and
even the successful Bald on Base are examples. Meanwhile, meme coin
projects on Ethereum, like Pepe Coin (PEPE), appear to be losing
market share as Shiba Inu, for example, launched Shibarium to offer
its users lower transaction fees. Related Reading: Stacks (STX)
Stuns: Price Soars Over 60% In Epic Recovery As TVL Explodes Foobar
thinks the lack of improvements on the Ethereum mainnet is why
Uniswap v4 has yet to launch. The new iteration of Uniswap, a
popular decentralized exchange (DEX) powering Ethereum token
swapping, is yet to release its latest version. Based on existing
documentation, v4 will include new features and functionalities,
including Hooks. Supporters claim this tool will make the DEX more
flexible, drawing more users once it goes live. Feature image
from Shutterstock, chart from TradingView
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