The journey from ETH maxis to SOL maxis

Original author: 0x992, DDEX co-founder, MinDao, founder of dForce

Editor's note: Recently, Ethereum's performance seems to be inferior to Solana, which has caused heated discussions in the industry. DDEX co-founder 0x992 discussed the phenomenon of "Sol rises and ETH falls" in his communication with dForce founder MinDao. Solana's MEME ecosystem is on the rise, showing a prosperity similar to the Ethereum ICO in 2017. 0x992 believes that Solana's liquidity and market heat are attracting the attention of a large number of investors, and Solana may become the next Ethereum. MinDao, on the other hand, has a different view. He believes that Ethereum's ICO era was an important period in the development of its infrastructure and is still affecting the core ecology of DeFi. Ethereum is not inferior to Solana in key indicators, and he expressed concerns about whether Solana's Meme culture can continue. He is worried that Solana's extremely commoditized characteristics may make it lack real competitive advantages. BlockBeats reprinted the full text as follows:

0x992 (DDEX co-founded)

Chatting with @mindaoyang in the morning about "Sol rises and ETH falls"

1. Sol MEME 2024 = ETH ICO 2017. The essence is asset issuance, Sol Meme 1 USD Liquidity 40 times amplifies FDV

2. @getgrass_io airdrop 1.5 million addresses received airdrops, @phantom downtime are all bullish signals, the last time block space demand exceeded supply was in 2017 when @ethstatus@brave ICO and @CryptoKitties

3. Galaxy Digital, which bought FTX’s discounted Sol, will not ship out paper hands, because they want to make money from RPC and MEV Arb. The more staked% SOL, the more MEV searcher profit opportunities. SOL block time is fast, and memepool monitoring is already late. Therefore, making long-term money from flashboy is more sustainable, stable and non-competitive than making a wave of discounted hedging structured transactions.

MinDao (founder of dForce)

I will call this conversation a journey of "ETH maxis to SOL maxis".

@0x992eth is the earliest DeFi practitioner in China. He has been working on DeFi projects before 2019 and has been doing primary and secondary investments. He is definitely an amphibious multilateral warrior in the Ethereum trench. I agree with some of his observations on his transition from ETH to SOL maxis.

For example, SOL now looks very much like the grand occasion of the Ethereum ICO era in 2017. SOL has also experienced a huge turnaround in its comeback (the collapse of FTX is SOL's The DAO incident), and has truly established a self-circulating self-investment system. It is the third to establish a strong OG self-investment ecosystem after Bitcoin and Ethereum. Just like eth maxis used a large amount of ICO ETH to invest in various Ethereum ICOs at a loss, SOL OG is doing the same thing now.

Along the way, there are many Ethereum killers, including ETC, EOS, Tron, and Polkadot (now the most reliable one is Sun Ge's Tron). The closest one in terms of potential energy may be EOS (the grand ICO event with thousands of people in the streets and the lively super node election), and it really feels like ETH is about to perish (p.s: Multicoin was also one of the big EOS dealers at the time).

Also using ICO and Meme for comparison, at that time, except for Ethereum, there was no shortage of ICO chains. Every mainstream chain was promoting ICO, and everyone was playing this flywheel. But the real congestion was Ethereum. Now looking at the issuance of memes, most of the popular memes are also issued on SOL.

But my different observations from @0x992eth are here:

I think Ethereum's ICO is a large-scale infrastructure movement for Ethereum. The core DeFi infrastructure we are using now basically came out of the ICO era.

Ethereum is no worse than its competitors in core indicators in every key cycle (such as L2's gas, tps), and SOL has no absolute competitive advantage in this regard (the new SUI, APTOS, performance and usage are not inferior to SOL).

SOL's meme trading is now a highly commercialized track, which will soon spill over to other chains. It cannot provide SOL with infrastructure financing (even the handling fees of pump will not flow back to SOL).

Where is the moat of Meme? Why can't the memes of other chains surpass SOL? I think there is no moat for the extremely commercialized meme issuance.

@0x992eth believes that the core advantages of SOL's meme are ecology (I summarize it as SOL is the Pearl River Delta of meme) and culture (just like different styles of rap, others can't copy it). The Pearl River Delta may also be surpassed by Vietnam and India, but when it comes to culture, this is indeed what I am more worried about. After all, Bitcoin and Ethereum both started with this. I never worry that Ethereum's performance is worse than other upstarts, but if one day it becomes uncool, ungeeky, and undetached, it will be really worrying.

But I am not that pessimistic. I don’t think SOL will flip ETH. After all, Ethereum is still pretty cool now. If one day the community doesn’t discuss Mars, doesn’t discuss longevity, doesn’t care about privacy protection and extreme decentralization, then it will really die.

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