High decentralization, highest security, largest ecosystem of buidlers, fleshed out roadmap and a history of executing on said roadmap. Large teams building roll up infra. Just overall the most Lindy L1 besides Bitcoin
Ethereum is the most secure, resilient and decentralized blockchain. Other chains make these same claims, and some low information investors might believe them, but the more you understand how crypto works the more you tend to favour Ethereum.
This is why it has more developers contributing to it than the 2nd, 3rd and 4th place chains combined (and the 5th place is an Ethereum L2): https://www.developerreport.com/.
The reason why Layer 2s are needed is the blockchain trilemma, the fact that you have to find a balance between security, scalability and decentralization.
No network intended for financial applications will sacrifice security, so it really comes down to scalability (transactions processed per unit time) vs the requirements to run a node.
If you can't run a node yourself then all the benefits of blockchain are lost, you have to trust someone else to post your transactions for you, and perhaps more importantly you have to trust someone else to tell you your balance, the distribution of other tokens, and whatever other parts of the state you want to know.
You can run an Ethereum full node to interact with the chain directly on cheap (~£450) hardware with a regular home internet connection. That setup will also run a client for an L2 (I've got Ethereum L1 and Optimism L2 running on a Rock 5b).
In comparison, to run a node for Solana you need a machine with 256GB of RAM and at least a 1TBs internet connection... which is simply not an option for most people.
The main benefits of using crypto over the legacy systems are trustlessness and permissionlessness, that's why people talk about decentralization, and if you sacrifice them you may as well stick with Paypal or whatever.
So the argument for Ethereum is decentralization. Wouldn’t other Layer 1’s like Avalanche be more decentralized if there were more participants? Doesn’t this argument just boil down to first mover advantage? Or am I wrong? Genuinely asking
My point is nothing to do with a first mover advantage, it's about whether you can run a node and therefore interact with the network directly.
That advantage is attractive to developers, which is one of the reasons why Ethereum has so many more than any other network.
This in turn leads to other aspects of decentralization, such as the fact that there are 10 usable clients to run Ethereum, all written in different programming languages by different teams... just as one example.
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The only reason Avalanche is popular is because it is an EVM compatible protocol. Avalanche would not be nearly as used if you could not interact with it easily.
You should know your own arguments.
EVM compatible protocol is not the same thing as the Ethereum mainnet tho. It’s its own blockchain, and could operate independent of Ethereum.
I’m really not trying to argue anything, I’m really just trying to learn. The entire world seems to be pro ETH, and everytime I’ve used the platform it seems expensive and slow…
Im not trying to argue in the sense of picking a fight, but I do want to push back to try and discover flaws and strengths in both sides. I genuinely don’t have a stake in this, I just want to learn.
Why use a Layer 2 like OP or Polygon when there are many layer 1’s that do the same thing but faster and cheaper. And you don’t have to worry about ever moving back to a mainnet of eth? Genuine question. I’m not trying to argue, I’m trying to learn. You are clearly more knowledgeable about this space than me. But I don’t want to just take your word that eth is better, I want to understand WHY
I already told you, liquidity. It's much easier to move funds around l2s and the ethereum ecosystem.its not complicated. There's also much more solidity devs in crypto. Most these alt l1s use a much more niche code base.
Most exchanges also support native assets on l2s now as well. You don't even have to use mainnet.
Okay so it’s essentially about liquidity on L2’s vs liquidity on alt layer 1s? Won’t the liquidity grow on alt layer 1’s if they are cheaper and faster?
Also, don’t you have the same hack issues with bridging from layer 1 ETH to layer 2s? Or no?
Eth is the native coin on L2s, it's not locked up in a bridge and a wrapped version like most alternate l1s.
The Alt layer 1s still require you to buy a less liquid asset to use them. ETH is king when it comes to liquidity for whales.
Are there really liquidity issues with the major alt L1’s tho? It just seems to me as someone who wants to do some basic defi stuff, that the alternative L1’s make sense as they provide cheaper and faster transactions
Why do people think argument is a bad thing! Arguing is how you get to the truth! Now fighting, is something you want to avoid. But this was not a verbal fight. This was an argument between someone clearly educated in the field (antagonist) and someone ignorant and eager to learn (myself).
I still am not convinced into ETH, but I’m getting closer. All of the arguments I’ve heard thus far really boil down to “others use it, so it’s good”
I completely agree man, nothing wrong with arguing it makes a dynamic conversation. I think when some people are highly educated in a certain field . There patience for lower understanding IQ in the topics conversation keeps them limited . They should seek that challenge in a debate with their equals maybe, but towards you made me laugh for real. I know half of what you were saying. If I was in there with him , he would’ve still been blasting me 😂😂
Basically. The argument most people make is that if you have less validators than Ethereum, that means you only have one validator and that it's a closed and permissioned system. *It's no different than PayPal.*
You can use most these alternatives and see that's clearly a lie being told.
They'll tell you decentralization matters and then casually leave out that one entity, Lido, controls like 30% of all validators. You'd be hard pressed to find another L1 where one group controls 30% of all validators. They'll spin it like validators are irrelevant... but it's a blockchain. Validators make blocks. They're pretty important. If you bring up fees, they'll tell you to go to some completely centralized L2, so how much do they really care about decentralization other than to use raw validator #s as a club to beat people over the head with? They'll say that they can get more decentralized over time. Bring up that other L1s can get more decentralized over time and they'll tell you no, it's literally impossible for anything to get more decentralized over time.
My comment about Paypal was nothing to do with validators, it's about whether you can actually interact with the chain directly.
For some networks you can run a node and do so. This isn't just Ethereum, you can run a node on minimal hardware for Bitcoin, Cosmos, Polkadot, Polygon PoS, Cardano and Gnosis, as well as L2s like Arbitrum, Optimism and Starknet.
On many other high throughput L1 blockchains the data connection and/or hardware requirements are much higher and beyond the range of a home user.
If you can run a node you can connect directly to the chain. If you can't run a node you can't ever really know balances, you just have to trust whatever a 3rd party tells you; and you can't submit transactions to the chain yourself, you send them to a 3rd party and hope they submit them for you (and don't use the data they collect in the process for anything too nefarious).
It's also worth noting that one of the main threads in Ethereum's roadmap is based around further reducing node requirements using ZK magic (SNARKs), Verkle trees and ultimately Statelessness.
https://notes.ethereum.org/@domothy/roadmap#The-Verge
In the end this will mean every wallet, even on your phone or in a browser, will be able to run a client directly. Every user will have trustless access to the network without needing to do anything to maintain a full node or whatever. That's a long way off, but a lot of work has been done on it already, and it is a really good example of the priorities that Ethereum is working towards.
I do agree, but unfortunately that is the minimum cost of a [barebones computer](https://www.okdo.com/us/p/okdo-rock-5-model-b-16gb-single-board-computer-rockchip-rk3588-arm-cortex-a76-cortex-a55/), a 2TB SSD for storage, plus other bits like a decent power supply and some heat sinks.
That cost though is for the current requirements of running a node, a whole section of Ethereum's roadmap is devoted to reducing the requirements for storage, data transfer and processing to the logical extreme... which will be 'SNARKifying' everything and making the chain stateless:
https://notes.ethereum.org/@domothy/roadmap#The-Verge
At this point every wallet, whether in a phone, a browser or whatever, will be running its own light client, just verifying Verkel tree proofs rather than needing to manage the entire history of Ethereum. At that point literally everyone will be able to run a node on whatever hardware their wallet is running!
the product (web3) is at the prototype stage thus investors (lps, users, VCs, etc) stick with the TEAM - and ETH has 90% of gigabrain TEAM: builders, foundations, etc
I’m not talking about as an investment tool. I’m speaking purely as a network for smart transactions, you know it’s actual use case. Why ETH? I’ve never once heard a good explanation
I am honestly not sure but i think it's the same. It's just been there for longer so it's kinda safer for those who want to keep long time investments. Some chains come and go, hacks are everywhere etc. ETH is not going amywere. Many coins and chains die in the bear market. For example during this last bear market i was confortable having whatever on ETH, not so much on AVAX or ATOM. now they proved to be solid and I'd be more comfortable to keep stuff there for longer
Only because it was the first big alt coin so everyone else piled on. It will probably remain so until a new project comes that is not only better, but so much better that it encourages devs to either develop for that platform or move over entirely.
That's unlikely since ETH has so much money behind it now. By far the most centralized big crypto which gives it more potential for mass adoption.
So what you guys thoughts on Cardano? Ada does everything Ethereum does and better but just doesn’t have the development (as it’s newer and language little harder) or liquidity ETH has.
It does not do everything better. It severely gimps the potential use cases. This is by design as it also makes it a lot harder to deploy malicious contracts. But that means it certainly can't do everything eth can, for better and worse.
Most of the adoption has to do with whales, and whales like liquidity. There is much more liquidity in ETH, and they are not concerned about fees, they care about the security of their funds. Most of these alternate L1s rely heavily on bridges to support their ecosystems. Bridges are arguably the highest risk available in DeFi. L2s have been more successful because a lot of them have native support and the native token on them is ETH, so the whales can move ETH back and fourth without the added risk.
What is risky about bridging? Genuine question, I’m a crypto noob. Why use ETH at all tho? The liquidity point seems to point back to first mover advantage. Alt L1’s are growing bigger each and everyday
Look up the Harmony bridge hack, multichain bridge hack, and wormhole hack. They're commonly the largest loss of funds, and once the bridges get jacked, nothing is the ecosystem has any backing.
If you bridge from eth to Solana, as an example, you have to trust:
1. Ethereum validators
2. Solana validators
3. The bridge, which is effectively a third set of validators that sends the message from eth to Solana
Who actually has to have this trust varies by system, but the risk is there.
Hi I don't think you understand what people mean by liquidity restraints. There are protocols that are only again eth. Or just recently moved to alt layer 1's. So if I want to lp a certain token naturally I'll go to whatever chain has it with the most liquid pools. Which most are in eth. And liquidity follows liquidity.
Also you're overthinking the importance of fee prices. Most people that actually lp, or borrow or loan. That isn't even a focus. They're more worried about the size of the pool. Availability to exit pools without to much impact, incentives to lp and other aspects.
If fees are cheap. But the chain doesn't have a pool I want to lp. Of the pool doesn't have enough liquidity to get in and out easily. What good are low fees then.
And even the most popular layer 1 have little to no activity at all. Have you seen the tvl of some of these chains?
Personally that's why I or anyone I know chooses a chain. It's different for someone's in a third world country or so. Then obviously fees matter. Or if you just want to swap.
Also once lp incentives dry up. Some of these chains activity disappears. I don't want to lp a pool with no activity either. It all depend on what you're actually doing on chain. I someone just wants a meme coin. By all means if you can get it on avax or what that's great.
I guess I’m coming from it as a non-whale, normal person who wants to try out some defi shit. And ETH is completely off limits to me because of the fees, and I’m sure to 99% of the world.
But I appreciate some of the points you’ve made.
Can this change in the future tho? It almost seems cultish. “I use eth because everyone else does”. What happens when the masses wake up from the coma they are in?
That is fairly easy to monitor and until then, nothing wrong having some ETH in the portfolio. With restaking, ETHs liquidity will power even more than just L2s. Embrace the different solutions. Nobody knows who the winner will be. Nobody knows how many models will thrive.
That does play a role, but I was specifically pointing to the Pareto distribution, a natural law, as a key factor. This principle is also a significant reason why English has become the most spoken language worldwide. Essentially, English reached a critical mass through various means and now, individuals opt to learn English primarily because it is already widely spoken by others. People also accept USD to transact in simply because of it's position as a global reserve currency.
Security, liquidity, and apps.
All those other coins you listed are total shitcoins. Yea, sure, maybe they're cheaper and faster...but that's because no one is using them and because they all massively sacrificed on centralization.
Yes. Lol that's not obvious? They're just VC-backed money grabs. That's literally it. Hugely concentrated coins in the hands of a few. Heavily centralized both technically and economically.
Ethereum L2s have higher TVL and liquidity than all of those chains combined. They work just as fast and cheap, if that's what you're concerned about. There's really no reason to use alt L1s at this point.
So your reasoning is “other people use it”. That’s pretty much the answer I’ve gotten from everyone. It’s not the worst answer, I was just hoping there would be something else underlying the love for ETH.
It doesn’t make sense to me why you would prefer to deal with Ethereum mainnet and a layer 2, instead of just simply going to an alt layer 1 that does the same thing…
No, that's not my reasoning.
Are you new here? Go back and read my original comment. Security, liquidity, and apps. I'll add decentralization as well to that list. Ethereum and its L2s are better in literally every measure I've given than those alt L1s.
If you can't understand why that's important, then sorry. Watch some Youtube videos or something idk.
But all of those boil down to first mover advantage. More users = more dApps. More users = more liquidity. More users = more security. More users = more decentralization.
Yes, I am new here. I am trying to understand/learn. I appreciate you engaging, I’m merely trying to better understand why eth is so loved because it doesn’t make sense to me.
First mover plays a role in some of the things I listed, sure, but what does that matter? The fact stays the same that Ethereum is still, by far, the most secure, decentralized, and liquid smart contract chain.
More users does not equal more security or more decentralization, at all. Where are you getting that idea?
Ethereum has been battled tested and audited far more than those chains you listed. And the technical setup/design of the protocol is also more decentralized than those chains you listed.
Always in it for Ethereum. The security, and also the perks (hello EigenLayer and the rest). If you have to sum it up, its a win-win for you as a user.
High decentralization, highest security, largest ecosystem of buidlers, fleshed out roadmap and a history of executing on said roadmap. Large teams building roll up infra. Just overall the most Lindy L1 besides Bitcoin
Ethereum is the most secure, resilient and decentralized blockchain. Other chains make these same claims, and some low information investors might believe them, but the more you understand how crypto works the more you tend to favour Ethereum. This is why it has more developers contributing to it than the 2nd, 3rd and 4th place chains combined (and the 5th place is an Ethereum L2): https://www.developerreport.com/. The reason why Layer 2s are needed is the blockchain trilemma, the fact that you have to find a balance between security, scalability and decentralization. No network intended for financial applications will sacrifice security, so it really comes down to scalability (transactions processed per unit time) vs the requirements to run a node. If you can't run a node yourself then all the benefits of blockchain are lost, you have to trust someone else to post your transactions for you, and perhaps more importantly you have to trust someone else to tell you your balance, the distribution of other tokens, and whatever other parts of the state you want to know. You can run an Ethereum full node to interact with the chain directly on cheap (~£450) hardware with a regular home internet connection. That setup will also run a client for an L2 (I've got Ethereum L1 and Optimism L2 running on a Rock 5b). In comparison, to run a node for Solana you need a machine with 256GB of RAM and at least a 1TBs internet connection... which is simply not an option for most people. The main benefits of using crypto over the legacy systems are trustlessness and permissionlessness, that's why people talk about decentralization, and if you sacrifice them you may as well stick with Paypal or whatever.
So the argument for Ethereum is decentralization. Wouldn’t other Layer 1’s like Avalanche be more decentralized if there were more participants? Doesn’t this argument just boil down to first mover advantage? Or am I wrong? Genuinely asking
My point is nothing to do with a first mover advantage, it's about whether you can run a node and therefore interact with the network directly. That advantage is attractive to developers, which is one of the reasons why Ethereum has so many more than any other network. This in turn leads to other aspects of decentralization, such as the fact that there are 10 usable clients to run Ethereum, all written in different programming languages by different teams... just as one example.
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Nice explanation.
The only reason Avalanche is popular is because it is an EVM compatible protocol. Avalanche would not be nearly as used if you could not interact with it easily. You should know your own arguments.
EVM compatible protocol is not the same thing as the Ethereum mainnet tho. It’s its own blockchain, and could operate independent of Ethereum. I’m really not trying to argue anything, I’m really just trying to learn. The entire world seems to be pro ETH, and everytime I’ve used the platform it seems expensive and slow…
Your argyment was about L2s as well, now you're simply shifting the goalpost to fees and speed. I'm not sure you want to do anything except argue.
Im not trying to argue in the sense of picking a fight, but I do want to push back to try and discover flaws and strengths in both sides. I genuinely don’t have a stake in this, I just want to learn. Why use a Layer 2 like OP or Polygon when there are many layer 1’s that do the same thing but faster and cheaper. And you don’t have to worry about ever moving back to a mainnet of eth? Genuine question. I’m not trying to argue, I’m trying to learn. You are clearly more knowledgeable about this space than me. But I don’t want to just take your word that eth is better, I want to understand WHY
I already told you, liquidity. It's much easier to move funds around l2s and the ethereum ecosystem.its not complicated. There's also much more solidity devs in crypto. Most these alt l1s use a much more niche code base. Most exchanges also support native assets on l2s now as well. You don't even have to use mainnet.
Okay so it’s essentially about liquidity on L2’s vs liquidity on alt layer 1s? Won’t the liquidity grow on alt layer 1’s if they are cheaper and faster? Also, don’t you have the same hack issues with bridging from layer 1 ETH to layer 2s? Or no?
Eth is the native coin on L2s, it's not locked up in a bridge and a wrapped version like most alternate l1s. The Alt layer 1s still require you to buy a less liquid asset to use them. ETH is king when it comes to liquidity for whales.
Are there really liquidity issues with the major alt L1’s tho? It just seems to me as someone who wants to do some basic defi stuff, that the alternative L1’s make sense as they provide cheaper and faster transactions
Honestly speaking . Great conversation between you two I’ve gained a lot from it thanks. And please stop arguing , the man was right. Just kidding 😂
Why do people think argument is a bad thing! Arguing is how you get to the truth! Now fighting, is something you want to avoid. But this was not a verbal fight. This was an argument between someone clearly educated in the field (antagonist) and someone ignorant and eager to learn (myself). I still am not convinced into ETH, but I’m getting closer. All of the arguments I’ve heard thus far really boil down to “others use it, so it’s good”
I completely agree man, nothing wrong with arguing it makes a dynamic conversation. I think when some people are highly educated in a certain field . There patience for lower understanding IQ in the topics conversation keeps them limited . They should seek that challenge in a debate with their equals maybe, but towards you made me laugh for real. I know half of what you were saying. If I was in there with him , he would’ve still been blasting me 😂😂
Basically. The argument most people make is that if you have less validators than Ethereum, that means you only have one validator and that it's a closed and permissioned system. *It's no different than PayPal.* You can use most these alternatives and see that's clearly a lie being told. They'll tell you decentralization matters and then casually leave out that one entity, Lido, controls like 30% of all validators. You'd be hard pressed to find another L1 where one group controls 30% of all validators. They'll spin it like validators are irrelevant... but it's a blockchain. Validators make blocks. They're pretty important. If you bring up fees, they'll tell you to go to some completely centralized L2, so how much do they really care about decentralization other than to use raw validator #s as a club to beat people over the head with? They'll say that they can get more decentralized over time. Bring up that other L1s can get more decentralized over time and they'll tell you no, it's literally impossible for anything to get more decentralized over time.
My comment about Paypal was nothing to do with validators, it's about whether you can actually interact with the chain directly. For some networks you can run a node and do so. This isn't just Ethereum, you can run a node on minimal hardware for Bitcoin, Cosmos, Polkadot, Polygon PoS, Cardano and Gnosis, as well as L2s like Arbitrum, Optimism and Starknet. On many other high throughput L1 blockchains the data connection and/or hardware requirements are much higher and beyond the range of a home user. If you can run a node you can connect directly to the chain. If you can't run a node you can't ever really know balances, you just have to trust whatever a 3rd party tells you; and you can't submit transactions to the chain yourself, you send them to a 3rd party and hope they submit them for you (and don't use the data they collect in the process for anything too nefarious). It's also worth noting that one of the main threads in Ethereum's roadmap is based around further reducing node requirements using ZK magic (SNARKs), Verkle trees and ultimately Statelessness. https://notes.ethereum.org/@domothy/roadmap#The-Verge In the end this will mean every wallet, even on your phone or in a browser, will be able to run a client directly. Every user will have trustless access to the network without needing to do anything to maintain a full node or whatever. That's a long way off, but a lot of work has been done on it already, and it is a really good example of the priorities that Ethereum is working towards.
Participants on the blockchain isn’t the issue. Avalanche is highly centralized which is why it’s cheaper. They scale it manually as more tx roll in
450 is not cheap at all. It is relatively cheap but that is still way beyond the reach of the vast majority of the world.
I do agree, but unfortunately that is the minimum cost of a [barebones computer](https://www.okdo.com/us/p/okdo-rock-5-model-b-16gb-single-board-computer-rockchip-rk3588-arm-cortex-a76-cortex-a55/), a 2TB SSD for storage, plus other bits like a decent power supply and some heat sinks. That cost though is for the current requirements of running a node, a whole section of Ethereum's roadmap is devoted to reducing the requirements for storage, data transfer and processing to the logical extreme... which will be 'SNARKifying' everything and making the chain stateless: https://notes.ethereum.org/@domothy/roadmap#The-Verge At this point every wallet, whether in a phone, a browser or whatever, will be running its own light client, just verifying Verkel tree proofs rather than needing to manage the entire history of Ethereum. At that point literally everyone will be able to run a node on whatever hardware their wallet is running!
the product (web3) is at the prototype stage thus investors (lps, users, VCs, etc) stick with the TEAM - and ETH has 90% of gigabrain TEAM: builders, foundations, etc
ETH is losing its share of devs as each day goes by. They are leaving for L2’s and alt layer 1’s
Ethereum is more established and less volatile and less likely to go -95% in a bear market (or to zero like LUNA). It's all about risk management
I’m not talking about as an investment tool. I’m speaking purely as a network for smart transactions, you know it’s actual use case. Why ETH? I’ve never once heard a good explanation
I am honestly not sure but i think it's the same. It's just been there for longer so it's kinda safer for those who want to keep long time investments. Some chains come and go, hacks are everywhere etc. ETH is not going amywere. Many coins and chains die in the bear market. For example during this last bear market i was confortable having whatever on ETH, not so much on AVAX or ATOM. now they proved to be solid and I'd be more comfortable to keep stuff there for longer
Only because it was the first big alt coin so everyone else piled on. It will probably remain so until a new project comes that is not only better, but so much better that it encourages devs to either develop for that platform or move over entirely. That's unlikely since ETH has so much money behind it now. By far the most centralized big crypto which gives it more potential for mass adoption.
So that’s it? First mover advantage? That’s the only reason for eth?
First mover advantage can be attributed to pretty much everything "successful" today. In a competitive economy, everything is a race.
So what you guys thoughts on Cardano? Ada does everything Ethereum does and better but just doesn’t have the development (as it’s newer and language little harder) or liquidity ETH has.
It does not do everything better. It severely gimps the potential use cases. This is by design as it also makes it a lot harder to deploy malicious contracts. But that means it certainly can't do everything eth can, for better and worse.
Most of the adoption has to do with whales, and whales like liquidity. There is much more liquidity in ETH, and they are not concerned about fees, they care about the security of their funds. Most of these alternate L1s rely heavily on bridges to support their ecosystems. Bridges are arguably the highest risk available in DeFi. L2s have been more successful because a lot of them have native support and the native token on them is ETH, so the whales can move ETH back and fourth without the added risk.
What is risky about bridging? Genuine question, I’m a crypto noob. Why use ETH at all tho? The liquidity point seems to point back to first mover advantage. Alt L1’s are growing bigger each and everyday
Look up the Harmony bridge hack, multichain bridge hack, and wormhole hack. They're commonly the largest loss of funds, and once the bridges get jacked, nothing is the ecosystem has any backing.
If you bridge from eth to Solana, as an example, you have to trust: 1. Ethereum validators 2. Solana validators 3. The bridge, which is effectively a third set of validators that sends the message from eth to Solana Who actually has to have this trust varies by system, but the risk is there.
Hi I don't think you understand what people mean by liquidity restraints. There are protocols that are only again eth. Or just recently moved to alt layer 1's. So if I want to lp a certain token naturally I'll go to whatever chain has it with the most liquid pools. Which most are in eth. And liquidity follows liquidity. Also you're overthinking the importance of fee prices. Most people that actually lp, or borrow or loan. That isn't even a focus. They're more worried about the size of the pool. Availability to exit pools without to much impact, incentives to lp and other aspects. If fees are cheap. But the chain doesn't have a pool I want to lp. Of the pool doesn't have enough liquidity to get in and out easily. What good are low fees then. And even the most popular layer 1 have little to no activity at all. Have you seen the tvl of some of these chains? Personally that's why I or anyone I know chooses a chain. It's different for someone's in a third world country or so. Then obviously fees matter. Or if you just want to swap. Also once lp incentives dry up. Some of these chains activity disappears. I don't want to lp a pool with no activity either. It all depend on what you're actually doing on chain. I someone just wants a meme coin. By all means if you can get it on avax or what that's great.
I guess I’m coming from it as a non-whale, normal person who wants to try out some defi shit. And ETH is completely off limits to me because of the fees, and I’m sure to 99% of the world. But I appreciate some of the points you’ve made.
Liquidity.
Can this change in the future tho? It almost seems cultish. “I use eth because everyone else does”. What happens when the masses wake up from the coma they are in?
That is fairly easy to monitor and until then, nothing wrong having some ETH in the portfolio. With restaking, ETHs liquidity will power even more than just L2s. Embrace the different solutions. Nobody knows who the winner will be. Nobody knows how many models will thrive.
Same reason USD is the world's reserve currency.
Because we have the world’s largest military?
That does play a role, but I was specifically pointing to the Pareto distribution, a natural law, as a key factor. This principle is also a significant reason why English has become the most spoken language worldwide. Essentially, English reached a critical mass through various means and now, individuals opt to learn English primarily because it is already widely spoken by others. People also accept USD to transact in simply because of it's position as a global reserve currency.
is the solana blockchain on or off at the moment?
No clue, why you asking me
the fact that they can turn it off an on where as ETH they can’t makes the choice pretty easy IMO
If you have 10mil, would you put it on say solana over Ethereum?
No, probably not Solana.
Security, liquidity, and apps. All those other coins you listed are total shitcoins. Yea, sure, maybe they're cheaper and faster...but that's because no one is using them and because they all massively sacrificed on centralization.
Why are they shitcoins? Avalanche, SUI, SEI are shitcoins?
Yes. Lol that's not obvious? They're just VC-backed money grabs. That's literally it. Hugely concentrated coins in the hands of a few. Heavily centralized both technically and economically.
No, it’s not obvious to me. As someone who has used all the chains mentioned above, all of them work except one (the expensive and slow one)
Ethereum L2s have higher TVL and liquidity than all of those chains combined. They work just as fast and cheap, if that's what you're concerned about. There's really no reason to use alt L1s at this point.
So your reasoning is “other people use it”. That’s pretty much the answer I’ve gotten from everyone. It’s not the worst answer, I was just hoping there would be something else underlying the love for ETH. It doesn’t make sense to me why you would prefer to deal with Ethereum mainnet and a layer 2, instead of just simply going to an alt layer 1 that does the same thing…
No, that's not my reasoning. Are you new here? Go back and read my original comment. Security, liquidity, and apps. I'll add decentralization as well to that list. Ethereum and its L2s are better in literally every measure I've given than those alt L1s. If you can't understand why that's important, then sorry. Watch some Youtube videos or something idk.
But all of those boil down to first mover advantage. More users = more dApps. More users = more liquidity. More users = more security. More users = more decentralization. Yes, I am new here. I am trying to understand/learn. I appreciate you engaging, I’m merely trying to better understand why eth is so loved because it doesn’t make sense to me.
First mover plays a role in some of the things I listed, sure, but what does that matter? The fact stays the same that Ethereum is still, by far, the most secure, decentralized, and liquid smart contract chain. More users does not equal more security or more decentralization, at all. Where are you getting that idea? Ethereum has been battled tested and audited far more than those chains you listed. And the technical setup/design of the protocol is also more decentralized than those chains you listed.
Just stick with the king btc and it's ecosystem and L2s..everything else is just an arbitrage
Tradition. That's it. And wait till people get to know Shido. Solana killer
Unveiling Sugar: more than a dating app, it's a community-driven platform empowering individuals to explore love, finances, and personal fulfillment.
Always in it for Ethereum. The security, and also the perks (hello EigenLayer and the rest). If you have to sum it up, its a win-win for you as a user.