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WebOfTrust
@weboftrust
When was the last time you did a transaction on the mainnet. Last cycle, high gas fee was a big complain but in this cycle it's hovering at 1gwei for the whole month. We can all look for an issue to blame but truth to be told, speculative side of defi is dead making 99% of dApps worthless and unusable.
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nuconomy.⌐◨-◨
@nuconomy.eth
Disagree. If you can use the same DeFi app that has roughly similar trust assumptions on L2, and also has short term marketing incentives, why wouldn’t you use the L2 if it’s cheaper? For things where that isn’t possible, we still regularly use L1s. E.g ENS management and legacy NFTs.
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WebOfTrust
@weboftrust
should have mentioned this in the cast, context was Eth being defamatory. With every passing day, there are fewer incentives to run a node or even hold eth as an asset. Of course, there is always an optimistic side but in current form, things are looking bleak and L2s are part of the problem
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nuconomy.⌐◨-◨
@nuconomy.eth
Yeah, I can agree that L2s are eating transactions that would have originally been on the L1 but that seems to be the chosen direction for scaling. Deflationary ETH requires significantly more onchain activity for the L1. Ultra sound money was always a meme IMO. We've been through waves of increasing and decreasing activity before. The lows are just lower now that L2s and blobs are on the scene. By that rationale, why hold ETH when the chain was POW? Staking wasn't always a revenue generator even if it was in the plan. The EVM is still the smart contract platform of choice for dapps, L2s and developer attention outside of the recent memecoin casino on Solana. When they start breaking away is when there should be more concern.
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