kenny 🎩 pfp
kenny 🎩
@kenny
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
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ruhum pfp
ruhum
@ruhum
Base holds ~800,000 ETH so about 2.6 billion USD worth of ETH. That should be enough liquidity, no?
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kenny 🎩 pfp
kenny 🎩
@kenny
yes but would still be better if there wasn't additional liquidity fractured all over Abirtrum/Optimism/etc
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ruhum pfp
ruhum
@ruhum
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.
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kenny 🎩 pfp
kenny 🎩
@kenny
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
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shazow pfp
shazow
@shazow.eth
I don't believe this narrative for these reasons: 1. Memecoins barely have any liquidity at all, so talking about cross-chain liquidity is moot. 2. Base/Arbitrum does not have substantially less liquidity than Solana last I checked, and in fact has more for many token pairs. Which liquidity is most relevant here? I think the simplest explanation is that there are memes/narratives that default onboarding to Solana, and that's where the attention for this is. There's also different ones that default onboarding to Base. But I don't think anyone would argue that today's memes that are onboarding people are the same memes that are going to scale to billions of users, right?
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kenny 🎩 pfp
kenny 🎩
@kenny
generic defi liquidity does not equal liquidity from people who want to trade what's the market cap of all memecoins on Solana vs all memecoins on Arbitrum/Base? you simply have better odds of your memecoin running up to millions of dollars on Solana because there is more capital on Solana willing to throw at these assets vs all L2s combined my impression is a ton of the L2 TVL is just boring old ETH/stablecoins locked in generic defi projects (likely farming TVL stats)
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shazow pfp
shazow
@shazow.eth
"you simply have better odds" I agree, but I don't think this is a factor of liquidity in the $ sense (ie. better liquidity = better spread). You have better odds because that's where the people are who are doing this kind of thing. This is totally a network effect (which I guess is a different kind of liquidity in a weird way lol).
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kenny 🎩 pfp
kenny 🎩
@kenny
yeah I guess a better way of stating my point is "the liquidity of money willing to chase memecoins" which used to be way higher on ETH, but was scattered due to the L2 push
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shazow pfp
shazow
@shazow.eth
I'll grant that the L2 narrative made it hard to consolidate audiences of memes (though Base is doing a pretty good job), but I don't think that's the only factor. My claim is that even if already had perfect interop between L2s, it wouldn't have made a difference. These things come and go, and they're not always going to land on the Ethereum ecosystem. Remember Ordinals? What did Solana do to miss out on that craze? Nothing, it was a weird Bitcoin meme. I think you're right that The Community needs to take a critical look at itself and decide if we're okay actively driving away some of these memes, and we should improve our tech to reduce friction for them when they do show up.
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