Foobar, a code creator, criticizes ethereum and accuses its developers of neglecting crucial improvements. Because of this shift, projects, including meme coin issuers, are adopting alternative protocols, including Layer 2 and modern blockchains like Solana, which have more features, primarily greater scalability.
ethereum Developers Are Blocking Mainnet Updates
Bringing X, the developer claims that there have been no major improvements to the mainnet, mainly because core and client developers are blocking such updates. Specifically, Foobar cites long-standing delays for features like Trie State Storage Optimizations (TSTORE) and Externally Owned Account (EOA) batch transactions. The developer also noted the lack of an increase in the block's gas limit from 2021.
The developer adds that the lack of major network upgrades and opcode improvements leading to the implementation of these proposals could be the reason why decentralized applications launching on ethereum are “unlocking tremendous value” due to to high rates and limitations.
TSTORE and EOA batch transactions are proposals that, if they see the light of day, could make ethereum scale better. Specifically, TSTORE proponents presented a solution to address excess storage and improve performance. On the other hand, EOA will allow transactions from the same sender to be grouped, reducing gas rates.
Meanwhile, Etherscan data shows that the block gas limit has been capped at around 30 million since August 9, 2021. Subsequently, ethereum performance remains low and gas fees are higher, considering the high activity on the chain.
The fact that clients do not integrate these proposals, the developer continues, makes ethereum unusable for “any interesting application that requires moderate complexity.” Subsequently, many projects are migrating to layer 2 like Base, Arbitrum, Optimism or completely different blockchains like Solana and Avalanche due to limitations on the ethereum mainnet.
Meme coins find their home in Solana and others
As of mid-February 2024, more meme coin developers, taking advantage of the popularity of emerging projects, are deploying high-performance, low-fee platforms like Solana, Avalanche, and even Base. Meme coins like Bonk, Honk, and even the hugely successful Bald on Base are examples.
Meanwhile, meme coin projects on ethereum, such as Pepe Coin (PEPE), appear to be losing market share as Shiba Inu, for example, launched Shibarium to offer its users lower transaction fees.
Foobar believes that the lack of improvements to the ethereum mainnet is the reason why Uniswap v4 has not been released yet. The new version of Uniswap, a popular decentralized exchange (DEX) that powers ethereum token trading, is yet to release its latest version.
According to existing documentation, v4 will include new features and functionality, including Hooks. Supporters claim that this tool will make the DEX more flexible and attract more users once it is available.
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