Experienced DeFi developer Kain Warwick noted the success of Uniswap (UNI), which drew high-risk traders motivated by FOMO, and said that Ethereum-based L2 scalers could be approaching their own “iPhone moment.”
Why does crypto segment need meme coins on L2?
The audience will leave Ethereum (ETH) once the first meme coin rallies on an Ethereum-based second-layer network. New users will learn how to exploit cross-network bridges to migrate their value to new chains driven by the anticipation of big gains.
Warwick offered this opinion in response to a claim that traders of meme coins are prepared to pay high fees but do not investigate other blockchains such as L2 networks Optimism (OP), Arbitrum (ARB), or Avalanche (AVAX).
He noted that other “FOMO”-driven fans had made the move to Uniswap for the similar goals, i.e., to purchase early-stage coins at a lower price before they are listed on popular centralised exchanges.
As a result, once meme currencies like Pepe (PEPE) start surging there, L2s and bridges to Ethereum (ETH) may attract the next generation of traders.
The Ethereum (ETH) network was nearly useless yesterday owing to astronomical fees, which happened in the midst of the excitement around Pepe’s (PEPE) launch on Binance (BNB).
Game over for PEPE?
The average transaction cost on the Ethereum (ETH) network reached a high of $30 yesterday, which is the highest level since the collapse of the Terra (LUNA) ecosystem in early May 2022.
As previously reported by U.Today, the frenzy around new meme currencies, lead by Pepe (PEPE), a frog currency introduced three weeks ago, has captured the attention of the whole crypto world.
It increased by more than 10,000% in just 20 days. The apex of its price movement, however, may be seen as its Binance (BNB) listing. Over 25% of PEPE was lost on the major markets on the previous day.
