seasoned DeFi developer Kain Warwick recalled the popularity of Uniswap (UNI), which attracted FOMO-primarily based excessive-chance buyers, and stated that Ethereum-primarily based L2 scalers might be at the eve of their own “iPhone second.”
Why does crypto phase need meme coins on L2?
as soon as the primary meme coin rallies on an Ethereum-based totally second-layer network, the target audience will migrate outside of Ethereum (ETH). driven by way of the expectations of considerable earnings, beginner customers will discover ways to use pass-network bridges to transport their value to new chains.
Warwick shared this take commenting on a assertion approximately meme coin buyers’ willingness to pay excessive costs, however no longer explore other blockchains like L2 networks Optimism (OP), Arbitrum (ARB) or opportunity blockchains, which include Avalanche (AVAX).
He recalled that a few “FOMO”-encouraged enthusiasts controlled to migrate to Uniswap for the same reasons, i.e., to shop for early-level coins inexpensive earlier than they’re listed on mainstream centralized exchanges.
As such, L2s and bridges to Ethereum (ETH) might onboard the subsequent era of investors once meme cash like Pepe (PEPE) begin rallying there.
During the frenzy surrounding the Pepe (PEPE) listing on Binance (BNB), the Ethereum (ETH) network became nearly useless due to exorbitant costs. Is PEPE’s game over?
The average transaction price for the Ethereum (ETH) network surpassed $30 yesterday, the highest level since the Terra (LUNA) ecosystem collapse in early May 2022.
As covered through U.nowadays formerly, the worldwide crypto community is captivated by the euphoria around new meme coins led through Pepe (PEPE), a frog coin released 3 weeks ago.
in only 20 days, it rallied by using over 10,000%. but, its Binance (BNB) listing is probably interpreted as the pinnacle of its fee motion. inside the ultimate 24 hours, PEPE misplaced over 25% on essential exchanges.