The Use Cases Of Most L1 Solutions Are To Pump and Dump Shitcoins – Change My Mind

it baffles me how many crypto traders feel superior to shitcoin traders simply because they hold L1 projects (i.e., avalanche, bnb, ethereum, etc.) but they seem to forget that these projects simply exist for the benefit of creating shitcoins. Look at the top trending alts in dextools, 90% of the time they are just short-lived pump and dump tokens

In fact, many of the L1 project owners invest in these shitcoins. Do you remember how avalanche team gave grants to the likes of penguin finance and yay games, which both have been dumped to death? These smart contract blockchains need new shitcoins to exist, because otherwise they would have no use case in the first place. Even the point of DEX is to pump and dump shitcoins just like the point of yield farming tokens is for stablecoin hodlers to farm and dump those same tokens.

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11 thoughts on “The Use Cases Of Most L1 Solutions Are To Pump and Dump Shitcoins – Change My Mind”

  1. I pretty much disagree that ETH “simply exist for the benefit of creating shitcoins”.

    This might be true for some other chains though.

    Reply
  2. Honestly I agree except ETH and DOT.

    All the “projects” coins like SOL, AVAX, etc. have just seem completely useless and silly. I was reading about a SOL project that “rewarded” you when you answered pop culture trivia correctly? Like, what? 💀

    Reply
  3. It’s created for good projects, but others use it for shitcoins

    Don’t blame L1 solutions, but blame humanity

    Reply
  4. According to this logic every platform is useless because people are abusing them to produce stuff for personal gains.

    There are lots of promising projects that gets alive on L1s like Benqi on Avalanche or Moonbeam on Polkadot. Sure there are lots of shitcoins and bs projects but this is the beginning and in time all those bs shitcoins will die and good ones will survive.

    Reply
  5. Most of the websites hosted by hosting platforms are useless or scams that doesn’t mean that those platforms are all bad.

    Reply
  6. I guess the analogy is that there are plenty of trash businesses on global stock markets (some completely without revenue, vaporware or zombies) – do you blame the stock market for creating them, listing them and individuals from ploughing money into them? I would say, no.

    Reply
  7. This is why MATIC is a great investment. They partner with global companies like Adobe and DraftKings so there is less reliance on garbage crypto projects with no resources backing them (most BSC projects).

    Sports Illustrated, Ernst & Young, Associated Press…also partnered with Polygon. DYOR

    Reply
  8. Its not Layer 1 faults, shitcoins just exist.

    L1 coins were not created for this but for real projects and it’s working

    Reply

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