This latest meme season has shown me Ethereum is unusable as a Layer 1 and you cannot change my mind

Opening disclosure: I do not promote you do the same, I have a very balanced portfolio but occasionally I will throw left over money into meme hype coins just for fun.

This topic is designed to show you how chasing the next meme coin could be an expensive lesson.

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It all started with Meme season 2021.

Looked at Shiba when it was 2-3 million market cap.

Looked at Safemoon when it was 10-20 million market cap.

I went with Safemoon for stupid money because the process of transferring my bank money to an exchange for BNB and then swapping from BNB to the meme token was very straight forward with maybe $3-4 gas fees tops.

Fast forward 2 years and PEPE and Eth based meme coins are back. Thought it was time I at least got involved; if at the very least to show me why I passed up on Shiba in 2021 (Eth being such a clunky, expensive experience).

Follow my journey – so you won't have to!

Part 1: A brand new adventure. Transfer a few spare bobs into Eth and find the next 1000x.

Part 2: Transfer that 0.11 Eth to UniSwap for a 0.00182 Eth Fee!

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https://preview.redd.it/18iavmbdu4ya1.jpg?width=828&format=pjpg&auto=webp&v=enabled&s=88a0b0338da563414758d05f13191ddbb9c8f218

Part 3: Accidentally transfer all Eth in Wrapped Eth, so you cannot buy your Meme as you don't have another $20 Eth lying around as a gas fee. (**You will likely need to transfer Eth to Wrapped Eth in order to buy your low cap meme. This requires Eth, in this case, 0.0043 of it.)

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https://preview.redd.it/q7svktefu4ya1.jpg?width=828&format=pjpg&auto=webp&v=enabled&s=f4ed1af54cc3df9592c7fbf735e73a30887240a8

Part 4: Having got this far, I knew I would now need to unwrap my Wrapped Eth back to Eth to re-do and have enough Eth to get the meme. But you won't have enough Eth to do this. You will then need to buy More Eth and repeat steps from Step 1 (and more fees).

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https://preview.redd.it/lcftvtfgu4ya1.jpg?width=828&format=pjpg&auto=webp&v=enabled&s=a6bc7e07b1171e001624a318d1db61364ecb02f9

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Chances are by now, like me, having used quicker and leaner Layer 1's, you have now given up on Ethereum. And I don't blame you. I have given up on Ethereum.

Total Fee cost for the experience $55~

Total loss $250 ($200 of Wrapped Eth sitting on UniSwap).

Its 2023. Eth does not make decentralised money easier IMO.

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50 thoughts on “This latest meme season has shown me Ethereum is unusable as a Layer 1 and you cannot change my mind”

  3. For me it acts as a deterrent to prevent me from spending money on shitcoins

  5. Some fairly regarded stuff you did there to not actually buy anything. I’d take my hat off for you, but I already sold it for more ETH

  10. Meanwhile :

    I
    Can bridge my ETH( I got from selling moons) from Arb-nova to ARB- one using orbiter finance . Then I can send that ETH from ARB one to exchange for Pennies..

  11. Once you see memecoins on eth in the news, then you know tis time to avoid transactions on Ethereum

  13. ‘and you cannot change my mind’

    You assume anyone is interested in doing that

  14. It has always been like this with soo much ETH been burned the fees shoots up like crazy.

  15. This is like buying a burger for $10 and the paper bag for you to use to bring it home costs $2.50

  16. Most people are aware ETH fees are an issue. It’s why L2s exist and will thrive in the future.

    Just make use of those L2s, be smart about it

  17. Ethereum LVL 1 sucks and I can’t say that I enjoy using the lvl2s either. The only thing better about level 2 is the lower fees but then the whole ethereum ecosystem is split between a dozen chains. Liquidity is split across chains. The token you want may be most liquid on ETH LVL1 then 2nd on one of the dozen LVL2/side-chains that you may not be onto so you have to bridge over to the other chain. Rinse and repeat and you may be dealing with “Ethereum” tokens but have them on a dozen different chains. It’s a terrible experience. Then when you deal with centralized exchanges, you can’t be certain which lvl2s they support if any so you’ll be bridging around to be able to transfer to your exchange of choice. Ethereum sucks, it’s just the first smart contract platform so it has inertia but overall it sucks to use. Then the lvl2’s are better except all them when they get some TVL approaching $1 billion USD start having network usage that drives gas fees to tens of cents and some into the dollars. You end up playing musical chairs with bridges to find the best current network. The experience sucks

  23. Only reason people use Ethereum is that it was the first mover and has the most liquidaty for whales. It’s a flaw that everyone that isn’t a whale has to go to level 2s

  24. Careful… bad mouth ETH and you’ll get comments that you don’t know the basics of crypto and you dumb haha. ETH sucks (I’ve already been bad mouthed)

  25. Hard agree. What is the point of such an expensive system, requiring so many steps, that will only get more expensive as it grows and require other people to come up with solutions for its inherent problem. Which sucks because I thought Eth was going to be the chosen one

  28. Maybe the L1 settlement layer would have been better off without smart contract? Keeping it bare and simple. While some L2s can have smart contracts depending on the niche they are targeting for?

    Think this is probably the architecture blockchains like bitcoin, xrp, litecoin etc can go for.

    But anyway it’s good that different crypto blockchains go for different architecture. A variety to see which fits what circumstances better.

    Maybe ethereum model might turn out to work really well in the long run, who knows.

  32. No kidding…. Had this same frustration recently trying to jump on eth shit coins, multiple considerations for Pepe only to never join due to gas.

    I’m down to gamble, but I don’t got money like that, $50 is a shitcoin gamble for me, and when it takes me more money in gas fees than I have to put towards my gamble…. Well, it just sucks, feels like squidward watching out his window while SpongeBob and Patrick play, im just sitting everything out 🙁

  33. As a holder and sometime who realized massive gains from it…

    I must say…

    I hate Ethereum!

  37. You’re right but L1 is not supposed to be useful to end users. ETH is an infrastructure coin now.
    Is a bit like barrels of oil. Useless to the consumer, useful only for large companies.

  39. You buy eth, never move eth only to your personal wallet. Buy eth and hold it. I’ve sold once in 4+ years. Your doing it wrong

  40. Arbitrum fees aren’t that cheap either. We’ve been spoiled by polygon.

  41. >Accidentally transfer all Eth in Wrapped Eth, so you cannot buy your Meme as you don’t have another $20 Eth lying around as a gas fee.

    So you’re basically saying ETH isn’t a good layer 1 because you couldn’t do a bridge right?

  42. Read part 3 and explain why thats etheriums fault.

    “Here is why I hate gas stations. I accidently put diesel in my gasoline car and thats 100$ I am never geting back. Fuck gasstations.” – same.

  43. Wait for bull season to start again and then comeback to this post, your 12$ fees will seem low. L2 is the way

  48. Fully agree with you on this, Eth is for the people who have enough money to not give a fuck about gas and all. Don’t let some maxi with 100k+ moons or smth make you believe otherwise.

  49. Why not use other L1s which are sometimes cheaper and faster than ETH L2.
    Like cardano, algorand, hedera And others.

  50. ETH sucks for actually using, BTC sucks for actually using.

    The top 2 coins are the biggest sht coins in crypto.

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