The network FAILED during this crash. Stuck transactions... People could NOT move coins on #SOL network and some got liquidated because... they could not move their funds to cover for their loan in time... Not the user fault. 👇
It managed to implement the first AMM this year and barely has ANY DEFI ecosystem... Transactions stuck, coins vanishing... #SundaeSwap was a fiasco. This will kill #ETH? LOL... or waiting 6h for a swap... 👇
4/ According to CMC, #ADA (ranked 6th) and #SOL (7th) are the top competitors to #ETH, yet they appear most fragile and unable to scale properly.
Competition is good, but #ETH is so far ahead, it's barely a fair fight. However, there are some good chain out there... 👇
Uniswap, an ETH dApp generating $500 mil / year in fees, just created its own L2. Now, those fees are reduced by 100x and go into Uniswap pocket.
Multiply this by 100x with other dApps and ETH's price will go to zero. A thread 1/12 🧵
2/ The reason Ethereum has value is because of its fees that generate demand for its native token.
At the time of this post, it costs over $10 for a simple token swap.
ETH is on borrowed time as users are rightfully ditching this expensive chain. Who's to blame?
3/ Vitalik and his team.
They decided to scale Ethereum via L2s, but in the process they are losing their users. A bit ironic considering L2s were meant to fix ETH's scaling problem.
As L2s proliferate and users move out, Ethereum faces an even bigger problem.