Pudgy Penguins “Migrates” to Solana
Pudgy Penguins has launched the $PENGU token on Solana, and this is not just because of “user experience (UX) issues” on Ethereum (ETH). This actually reveals deeper structural problems within the ETH culture.
As a developer building Layer 2 (L2) solutions, I want to share why this is so important…
The issues within the ETH ecosystem stem from self-destruction within its own ranks:
Developers at the Ethereum Foundation (EF) have gradually transitioned into “advisors,” distancing themselves from actual development work.
The EF itself has been selling tokens on centralized exchanges (CEX) without considering the decentralized principles of DeFi.
Vitalik has described DeFi as an “ouroboros,” implying that it lacks innovation despite its self-referential nature.
As a result, retail investors have gradually left the ETH ecosystem.
And now, developers are also starting to leave this ecosystem.
Here is an important perspective from @CryptoGarga (founder of Bored Ape Yacht Club):
When launching a project on Solana: you will be welcomed and supported by ecosystem leaders.
When launching a project on ETH: you may be attacked by podcast hosts who have spent years accusing NFTs of being securities while aligning their own interests in token distributions.
(However, to be fair, Bankless has a relatively moderate attitude.)
The notion of “UX issues on ETH” is just an excuse to mask the underlying problems. Think about it, you may have experienced:
Paying $500 for failed NFT minting.
Paying $1000 in gas fees for an ENS name.
Having to traverse 5 chains to participate in an airdrop.
But you still use:
Gnosis Safe, despite its complex user interface.
Curve, whose interface design seems stuck in 1995.
Pendle, which requires specialized knowledge to use.
We persist with these tools because they do bring tangible value.
The real reason Pudgy Penguins chose Solana is that within the ETH ecosystem:
Only insiders benefit.
There is performative formalism in the name of “alignment.”
Retail investors are mostly tools for liquidity mining.
Devcon conferences focus more on infrastructure rather than product innovation.
While within the Solana ecosystem:
It attracts a large user base 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 threshold “gatekeeping” culture that excludes newcomers.
Make insiders the primary beneficiaries.
Dampen the enthusiasm and hope of retail participants.
Attack and exclude developers.
Then, this potential will be meaningless. Let’s take a look at the differences between the ETH and Solana ecosystems:
ETH: discussing “Is your infrastructure decentralized enough?”
Solana: sharing updates on new product launches on social media.
One ecosystem talks about how to build, while the other ecosystem actually supports developers and product implementation.
The next time someone says that one ecosystem is losing to another due to “UX issues,” try asking them a few questions:
Who received token distributions before the project launched?
Where were these tokens eventually sold?
Do retail investors still have opportunities for profit in this ecosystem?
Do developers feel welcomed and supported?
This article was co-published in collaboration with DeepChain.