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

This actually reveals deeper structural issues within Ethereum culture.

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

The problems in the Ethereum ecosystem stem from its internal self-destruction:

  • Developers at the Ethereum Foundation (EF) are gradually transforming into 'advisors,' moving away from actual development work.

  • The EF itself sold tokens on centralized exchanges (CEX) while ignoring the decentralized philosophy of DeFi.

  • Vitalik once described DeFi as 'an ouroboros,' implying its self-circular nature lacks innovation.

  • As a result, retail investors gradually left the Ethereum ecosystem.

And next, developers also began to leave this ecosystem.

Here is an important point from @CryptoGarga (founder of BAYC):

Launching a project on Solana: You will be welcomed and supported by ecosystem leaders

Launching a project on Ethereum: You might be attacked by podcast hosts who have spent years accusing NFTs of being securities, while they themselves benefit from 'alignment' allocations.

(However, to be honest, the attitude of Bankless is relatively mild.)

The claim that 'ETH has user experience issues' is merely an excuse to cover up the problems.

Think about it, you may have experienced:

  • Paying $500 for a failed NFT mint.

  • Paying $1,000 in gas fees for an ENS name.

  • Having to navigate across 5 chains to qualify for an airdrop but you still use daily:

  • Gnosis Safe: Although its user interface is extremely complex.

  • Curve: The interface design seems stuck in 1995.

  • Pendle: Requires expertise to get started.

We persist in using these tools because they genuinely bring practical value.

The real reason Pudgy Penguins chose Solana is:

Within the Ethereum ecosystem:

  • Only insiders can reap the benefits.

  • Full of formalism driven by 'alignment' performances.

  • Retail investors are more like tools for exiting liquidity.

  • The annual Devcon conference focuses more on infrastructure rather than product innovation.

And within the Solana ecosystem:

  • Attracted a large group of new retail users.

  • Official chains actively support the launch of new projects.

  • The Breakpoint conference focuses on product showcases and exchanges.

  • Provided real developer support to help projects grow.

At @polynomialfi, we chose 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 'gatekeeping' culture that excludes newcomers.

  • Making insiders the primary beneficiaries.

  • Frustrating the enthusiasm and hopes of retail investors.

  • Attacking and ostracizing developers.

Then, this potential would be meaningless.

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

  • Ethereum: Discussing 'Is your infrastructure sufficiently decentralized?'

  • Solana: More about sharing updates on new product launches on social media.

One ecosystem discusses how to build, while the other actually supports developers and product implementation.

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

  • Before the project launches, who gets the token allocation?

  • Where did these tokens ultimately get sold?

  • Is there still an opportunity for retail investors to profit in this ecosystem?

  • Do developers feel welcomed and supported?

[Disclaimer] The market has risks, and investments should be made cautiously. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Invest at your own risk.

  • This article is reprinted with permission from: (Deep Tide TechFlow)

  • Original author: f(gautham)

'Pudgy Penguins NFT moves to Solana! Why are more projects leaving Ethereum? What are the issues?' This article was originally published in 'Crypto City'

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