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Since moving to a Layer 2-centric approach, the Ethereum (ETH) ecosystem relies heavily on L2 solutions to scale. However, these solutions struggle to compete effectively, especially under pressure from alternatives like Solana (SOL). During the recent meme coin trend, Solana attracted much of the attention due to its advantages: low fees, high transaction speed, and ease of use.
To understand the challenges, it is important to examine why L2 solutions have not demonstrated the scalability and cost benefits that were widely expected.
Why meme projects prefer Solana over Ethereum L2s
Meme projects have been a major contributor to the recent surge in market activity. These projects prefer Solana for several reasons beyond ease of use:
- Low Fees: Solana’s low transaction costs make it ideal for fee-based applications such as Memecoins.
- High Speed: Solana’s multi-threaded architecture enables high throughput, ensuring a seamless user experience.
- Better developer experience: Solana’s tools and ecosystem are optimized for ease of use and attract developers and projects.
Why is scalability important?
Scalability is essentially measured by the number of transactions a blockchain can process. A highly scalable blockchain can process more TXs while offering lower fees, making it critical for widespread adoption and maintaining a seamless user experience.
That is…
