Pudgy Penguins “Migrate” to Solana
Pudgy Penguins has launched the $PENGU token on Solana, not just because of “user experience (UX) issues” on Ethereum (ETH), but also to highlight deeper structural problems within the ETH culture.
As a developer building Layer 2 (L2), I want to share why this is so important…
The issues within the ETH ecosystem stem from its internal self-destruction:
The Ethereum Foundation (EF) developers have gradually transitioned into “advisors,” distancing themselves from actual development work.
The EF itself has sold tokens on centralized exchanges (CEX) while ignoring the decentralized principles of DeFi.
Vitalik has described DeFi as an “ouroboros,” implying a lack of innovation in its self-referential cycle.
As a result, retail investors have gradually left the ETH ecosystem, and developers have started to abandon it as well.
Here is an important perspective from @CryptoGarga (BAYC founder):
Launching a project on Solana: you will be welcomed and supported by ecosystem leaders.
Launching a project on ETH: you may be attacked by podcast hosts who have spent years accusing NFTs of being securities while benefiting from their own “alignment” allocations.
(To be fair, Bankless has a relatively mild attitude.)
The claim of “UX issues on ETH” is just an excuse to conceal the real problems. Consider if you have ever experienced:
Paying $500 for a failed NFT minting.
Paying $1000 in gas fees for an ENS name.
Having to navigate across 5 chains to participate in an airdrop.
Yet, you still use:
Gnosis Safe: despite its complex user interface.
Curve: with a user interface design reminiscent of 1995.
Pendle: requiring specialized knowledge to use.
We persist in using these tools because they do bring real value.
The real reason Pudgy Penguins chose Solana is:
In the ETH ecosystem:
Only insiders benefit.
Formalism with “alignment” performances.
Retail investors are mostly tools for liquidity exit.
Devcon conferences focus more on infrastructure than product innovation.
In the Solana ecosystem:
It attracts a large number of fresh retail users.
The official chain actively supports the launch of new projects.
Breakpoint conferences focus on product showcases and communication.
It provides genuine developer support to help projects grow.
At @polynomialfi, we chose to build a Layer 2 on ETH because we believe in the potential of the ETH ecosystem. However, if this ecosystem continues to:
Maintain a high barrier “gatekeeper” culture that excludes newcomers.
Make insiders the primary beneficiaries.
Dampen retail participation, enthusiasm, and hope.
Attack and marginalize developers.
Then, this potential will be meaningless. Let’s compare the differences between the ETH and Solana ecosystems:
ETH: discussing “Is your infrastructure decentralized enough?”
Solana: more focused on sharing updates of new products on social media.
One ecosystem talks about how to build, while the other ecosystem actively supports developers and product implementation.
Next time someone says that one ecosystem loses to another due to “UX issues,” try asking them a few questions:
Who received token allocations before the project launched?
Where were these tokens ultimately sold?
Do retail investors still have opportunities for profit in this ecosystem?
Do developers feel welcomed and supported?
This article is a collaborative repost from DeepChain.