In a revealing episode of the On Consumer Crypto podcast, Imran Khan and Qiao Wang—co-founders of Alliance DAO—shared bold insights about the shifting dynamics in the crypto ecosystem, particularly around Ethereum, Base, and Solana. Their discussion goes beyond technical comparisons, touching on developer behavior, user culture, and long-term investment sentiment—culminating in a startling personal revelation from Qiao Wang.
👉 Discover why top crypto insiders are rethinking Ethereum's future—and where they’re moving next.
Ethereum’s Evolution vs. Solana’s Momentum
Imran Khan opened the conversation by highlighting a noticeable trend: developers who once championed Base, Ethereum’s Layer 2 scaling solution backed by Coinbase, are now migrating to Solana. The reason? User acquisition.
“On Solana, it’s just easier to get users,” Khan explained. This isn’t just about transaction speed or lower fees—though those help—it’s about network effects. Solana’s ecosystem has cultivated a community that actively engages with new dApps (decentralized applications), creating a flywheel effect for innovation and adoption.
Qiao Wang added a crucial caveat: for EVM (Ethereum Virtual Machine) developers, building on Solana is technically challenging. They must abandon familiar tools and learn Rust, a systems programming language that demands a steep learning curve. “It takes one to two months just to get comfortable,” Wang said. Yet despite the friction, many developers still make the switch—because the payoff in user engagement is worth it.
This contrast underscores a fundamental divergence: Ethereum’s ecosystem prioritizes security and decentralization, while Solana emphasizes speed and user experience. And increasingly, developers are voting with their code.
The Cultural Divide Between Base and Solana Users
The discussion deepened when Khan and Wang compared user behavior across Base and Solana ecosystems.
Khan pointed out that Solana’s so-called “degens”—a slang term for speculative, risk-tolerant users—are far more experimental. They eagerly try new protocols, mint NFTs, and participate in token launches, often within hours of an app going live.
In contrast, Base users tend to be more cautious. While this prudence may reflect stronger regulatory compliance and institutional influence (thanks to Coinbase’s stewardship), it also creates a less dynamic environment for early-stage innovation.
“There’s a cultural difference,” Khan emphasized. “Base feels more corporate, more compliant. Solana feels wilder, freer—like the early internet.”
This cultural gap extends to infrastructure. Khan noted that no EVM wallet today matches the seamless onboarding experience of Phantom, Solana’s dominant wallet. Although Phantom now supports EVM chains, its design philosophy remains rooted in simplicity and speed—qualities that resonate with retail users.
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A Personal Turning Point: Qiao Wang Sells Her ETH
Then came the bombshell.
Qiao Wang revealed she sold her entire Ethereum (ETH) position in 2024—after holding it since Ethereum’s genesis block.
“Just to be clear,” she said, “I’ve held ETH since day one… I sold last year, after holding for 10 years. Imagine holding an asset for a decade, only to realize: ‘Damn, maybe it’s peaked.’”
Her statement sent shockwaves through the crypto community—not because she exited, but because of who she is. As a respected figure in Web3 and co-founder of a major DAO, her move signals a potential inflection point in Ethereum’s narrative.
Wang didn’t frame her decision as bearish on blockchain or decentralization. Instead, she questioned whether Ethereum—once the undisputed leader in smart contract innovation—still holds that edge.
“It’s not about ETH being ‘bad,’” she clarified. “It’s about momentum shifting elsewhere. When builders and users flock to another chain, you have to ask: where is the energy?”
Vitalik’s Image Shift: Too Little, Too Late?
The podcast also touched on Vitalik Buterin, Ethereum’s enigmatic co-founder.
Once seen as a reclusive genius focused solely on protocol research, Vitalik has recently embraced meme culture—posting “Bronze Age Milady” images, engaging in online banter, and showing a more human side on social media.
Khan described this evolution as Vitalik transforming from a “hardcore researcher” into an “f-boy KOL,” and now into a “Bronze Age Milady” persona—a reference to a popular internet aesthetic blending irony, nostalgia, and digital art.
While this shift reflects a growing awareness of community dynamics, both Khan and Wang believe it may be too late.
“He’s finally paying attention to what users care about,” Khan said. “But if he’d done this a year ago, it might’ve changed the trajectory.”
Qiao Wang agreed: “Back then, I wouldn’t have said it was too late. Now? Yeah. I think it is.”
Their critique isn’t personal—it’s structural. By the time Ethereum’s leadership began engaging culturally, Solana had already captured the imagination of a new generation of builders and users.
Is Ethereum Still Competitive?
So, is Ethereum obsolete?
Not quite—but its dominance is no longer guaranteed.
Ethereum still leads in key areas: total value locked (TVL), institutional adoption, and developer tooling for EVM chains. But Solana has proven that speed, low cost, and cultural relevance can outweigh technical purity.
Moreover, the rise of modular blockchains and alternative execution environments suggests the future won’t belong to one chain—it will be multi-chain, with different networks serving different purposes.
Yet momentum matters. And right now, much of the excitement is happening outside Ethereum’s core ecosystem.
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Frequently Asked Questions (FAQ)
Q: Why are developers leaving Base for Solana?
A: Developers are moving to Solana primarily because of faster user acquisition. Solana’s ecosystem has a highly engaged, speculative user base ("degens") that actively tries new dApps, giving builders immediate feedback and traction.
Q: Is Ethereum dead if Vitalik is embracing memes?
A: No. Embracing memes shows Vitalik is trying to connect with users culturally—a positive step. However, critics argue this shift came too late to influence current trends dominated by chains like Solana.
Q: What does Qiao Wang mean by 'maybe it’s peaked'?
A: She suggests Ethereum may have reached its peak influence in terms of innovation and cultural momentum. After 10 years of holding ETH, her decision reflects a belief that newer ecosystems now offer greater growth potential.
Q: Can Base ever compete with Solana?
A: Base has advantages through Coinbase’s backing and compliance focus, appealing to enterprises and regulated markets. But to match Solana’s grassroots energy, it would need to foster a more experimental and open user culture.
Q: Is selling ETH after 10 years a bad move?
A: Not necessarily. Holding for a decade is already a massive success for early crypto adopters. Selling doesn’t mean rejecting blockchain—it may simply reflect reallocating capital toward more dynamic opportunities.
Q: Will Ethereum regain its lead?
A: Ethereum can still evolve—especially with upgrades like proto-danksharding and continued Layer 2 innovation. But regaining cultural leadership requires more than tech; it needs community trust, speed, and relevance.
The story of Ethereum is no longer just about technology—it’s about timing, culture, and perception. As new chains rise and user expectations shift, even the most established platforms must adapt or risk fading into legacy status.