Category:AltEVMs
Welcome to the vibrant world of Ethereum Layer 2 solutions, where the promises are as lofty as the gas fees once were. It's a land where innovation meets decentralization, and everyone and their dog is trying to sell you the latest and greatest "shovel" for your mining endeavors. But let's take a step back and see what's really going on.
Not Enough Miners (Degen Gamblers)
First off, let's talk about the miners, or rather, the lack thereof. The folks who are supposed to be the lifeblood of these Layer 2 solutions. The ones who dive into the degen world of high-risk, high-reward speculation. Except, there's a tiny problem—there aren't enough of them.
You see, these degen gamblers are the modern-day gold miners. They're supposed to flock to these Layer 2 platforms in droves, digging for digital gold (or in this case, yield farming and leveraging their way to riches). But alas, the reality is that the number of miners doesn't quite match up to the expectations. Maybe it's because the hype train has moved on, or perhaps the miners have gotten smarter (unlikely, but let's pretend).
Too Many People Providing Shovels
On the flip side, we have an overabundance of people providing shovels. And by shovels, I mean DeFi tools, AltEvMs, decentralized leveraged perps trading platforms, and every other imaginable service that promises to make your mining experience smoother and more profitable. It's like walking through a bazaar where every stall is selling the same thing, each with a slightly different spin.
"Hey, are you a miner?" asks one enthusiastic DeFi tool provider. "Nah, I'm here to sell shovels," responds another, perfectly capturing the essence of the current state of affairs. Everyone wants to be the next big provider of essential services, but there are so many of them that it's hard to tell one from another. It's like trying to sell bottled water in a flood—sure, it's useful, but do we really need another brand?
The Shovel Overload
The result? An overload of shovels and not enough people to use them. The tools are fantastic—don't get me wrong. They promise lower fees, faster transactions, and better security. But with everyone focused on providing these tools, the actual miners are left scratching their heads, wondering which one to choose. It's analysis paralysis at its finest.
Remember the guy who sold shovels during the gold rush? He got rich. But what happens when everyone is selling shovels and there are no miners left? You get a market full of shiny, unused shovels, each one promising to be better than the last.
Ethereum's Transition and the EVM Boom
After Ethereum transitioned from a proof-of-work (PoW) to a proof-of-stake (PoS) model, mining became a relic of the past. But that didn't stop the flood of new L2 chains and staking pool providers from popping up. Each one is EVM compatible and essentially doing the exact same thing. It's reminiscent of the 2010-2011 cryptocurrency boom but with Alt-EVMs instead. And guess what? Everyone wants to get a hold of your Ether.
The Basics of All Time: Not Your Keys, Not Your Coins
Let me remind you of a basic principle that stands the test of time: Not your keys, not your coins. The landscape is littered with bridges and cross-chain solutions promising seamless transitions and high returns. But here's the cold, hard truth—don't bridge anything you can't afford to lose in case of a bridge hack. The crypto world is fraught with risks, and keeping your keys secure is paramount.
The Degen Gamble
And let's not forget the nature of these degen gamblers. They're here for a good time, not a long time. The moment something shinier or riskier comes along, they're off, leaving a trail of half-used shovels in their wake. So, while the shovel sellers are busy perfecting their pitch, the miners are already eyeing the next big thing, be it a meme coin or the latest NFT craze.
Conclusion
So, where does that leave us? In a strange paradox where the infrastructure is there, the tools are ready, but the users are missing. The Layer 2 ecosystem on Ethereum is like a well-oiled machine with no one to operate it. The miners (or degen gamblers) are sparse, while the shovel providers are in abundance.
The takeaway? Maybe it's time to stop focusing on the tools and start figuring out how to bring the miners back. Because without them, all these shovels are just going to gather digital dust.
In the end, as the crypto saying goes, "If you're good at something, don't do it for free." But maybe, just maybe, if you're too good at providing shovels, you might find yourself standing alone in an empty gold mine.
And always remember: Not your keys, not your coins. Hold onto your Ether tightly and think twice before venturing into those shiny new bridges. Because in the world of crypto, the only constant is change, and the risks are always lurking just around the corner.
Pages in category "AltEVMs"
The following 3 pages are in this category, out of 3 total.
