The shitcoins were a thing also without ethereum, there was even a shitcoin generator website, pay 0.1 BTC (when it was worth like $100), upload your icon, choose the name, and download the compiled clients for mining that shit
Ethereum formally introduced the concept of smart contracts, and they had serious potential for modernizing financial contracts and push back an entire predatory industry of leechers, but instead it was used to create meme-coins and scam coins and ruined it all.
It’s move to proof of stake instead of proof of work dramatically reduced its energy usage, and makes it a actually scalable, but the masses lost interest when they couldn’t just make money off a few GPUs and turned to the aforementioned shit-coins built on the Ethereum network.
Ethereum is not bad, it’s one of the better ones. It’s just kind of responsible for the explosion of shit/scam coins, because people are shitty scammers.
Knock_Knock_Lemmy_In@lemmy.world 17 hours ago
the masses lost interest when they couldn’t just make money off a few GPUs and turned to the aforementioned shit-coins built on the Ethereum network.
Most of the shit meme coins are on Solana.
InternetCitizen2@lemmy.world 12 hours ago
Does Solana benefit from that?
Knock_Knock_Lemmy_In@lemmy.world 8 hours ago
It has the most transaction volume of a blockchains by some margin. Not everything on there is meme coin. There’s quite a lot of defi
Kushan@lemmy.world 22 hours ago
The explosion of scam coins was basically inevitable, it’s what you get with zero regulation.