the mental gymnastics to justify the mania happening on SOL vs ETH is amazing

it's not complicated 

Solana has one centralized layer with all the liquidity 

ETH decided to split the liquidity across 15 L2s

traders want liquidity, so they using Solana

that's the story

ETH was, rightly or wrongly, building for an idealized future where the majority of onchain activity was less speculative (and therefore less dependent on robust centralized liquidity)

meanwhile, I don't think Solana was building to keep liquidity in one spot to incentivize memecoins

it's just a happy accident of them having a simple north star (make single chain go fast) vs ETH's idealized buildoor vision tweaking the roadmap for use cases that aren't proven yet

intersubjective mechanism design @ poidh.xyz - come chill /poidh + follow @poidhbot

Base holds ~800,000 ETH so about 2.6 billion USD worth of ETH. That should be enough liquidity, no?

I mainly write code and read books. Sometimes I take pictures. I wish I’d write.

https://zora.co/ruhum

yes but would still be better if there wasn't additional liquidity fractured all over Abirtrum/Optimism/etc

yee it could be the case

but I'm guessing both of you are pretty big Ethereum believers, and it's always easier to blame the marketing (narrative) than something fundamental like "maybe the L2 roadmap was a bad choice"

I agree with the post above actually, in fact, think its more of narrative (or lack of a strong one). Clearly doesn't have the digital gold/Schelling point as BTC, can't quite compete on memecoin mania (pumpfun) narrative either.

if it was just network effects Ethereum would've maintained their advantage, they had huge momentum

the cause of the fumble was fracturing liquidity and giving Solana an edge

It’s just network effects imo. Liquidity doesn’t really matter. Same thing could have started on any of the big L2s but there wasn’t a community for that.