The problems with the ETH ecosystem come from its own internal self-sabotage.
Author: f(gautham)
Compiled by: TechFlow
Pudgy Penguins Launches $PENGU Token on Solana, Not Just Because of “ETH’s UX Problem”
This actually reveals deeper structural problems in ETH culture.
As a developer building Layer 2 (L2), I want to share why this is so important…
The problems of the ETH ecosystem come from its own internal self-destruction:
Ethereum Foundation (EF) developers gradually transformed into "advisors" and moved away from actual development work
EF itself sold tokens on centralized exchanges (CEX), ignoring the decentralized concept of DeFi
Vitalik once described DeFi as a “ouroboros,” implying that it is self-reinforcing but lacks innovation
As a result, retail investors gradually left the ETH ecosystem
And then, developers began to leave the ecosystem.
Here’s an important point from @CryptoGarga (Founder of BAYC):
Launch your project on Solana: You will be welcomed and supported by ecosystem leaders
Launching on ETH: You may be attacked by podcast hosts who have spent years accusing NFTs of being securities while reaping their own benefits in “alignment” allocations
(Although, to be honest, Bankless's attitude is relatively mild.)
The so-called "ETH has user experience problems" is actually just an excuse to cover up the problem.
Think about it, you may have experienced:
Paid $500 for failed NFT minting
Paid $1000 in gas fees for an ENS name
To get the airdrop, you have to operate across 5 chains, but you still use it every day:
Gnosis Safe: Despite its extremely complex user interface
Curve: Interface design seems to be stuck in 1995
Pendle: Requires expertise to use
We stick with these tools because they deliver real value.
The real reason Pudgy Penguins chose Solana is:
In the ETH ecosystem:
Only insiders get the benefits
Formalism full of "aligned" performances
Retail investors use it more as a tool to exit liquidity
The annual Devcon conference focuses more on infrastructure than product innovation
In the Solana ecosystem:
Attracted a large number of fresh retail user groups
The official chain will actively support the launch of new projects
Breakpoint conference focuses on product demonstrations and communication
Provides real developer support to help projects grow
At @polynomialfi, we chose to build a Layer 2 on ETH because we believe in the potential of the ETH ecosystem.
However, if this ecosystem continues:
Maintain a high threshold "gatekeeping" culture to exclude new entrants
Making insiders the main beneficiaries
Frustrate retail investors’ enthusiasm and hopes
Attacking and ostracizing developers
Then, this potential will be meaningless.
Let’s take a look at the differences between the ETH and Solana ecosystems:
ETH: In the discussion of “Is your infrastructure decentralized enough?”
Solana: More about sharing new product launches on social media
One ecosystem is talking about how to build, while the other is actually supporting developers and product implementation.
Next time someone says “one ecosystem lost to another because of UX issues”, try asking them a few questions:
Who gets the token allocation before the project goes live?
Where did these tokens end up being sold?
In this ecosystem, do retail investors still have a chance to make a profit?
Do developers feel welcomed and supported?
