In the fast-evolving world of blockchain, where meme tokens often steal the spotlight with their viral hype, there's a quieter revolution brewing in the stablecoin sector. Stablecoins, those digital assets pegged to fiat currencies like the US dollar, provide the stability that volatile meme coins lack, making them essential for trading, payments, and DeFi. But how should these stablecoin networks be built? That's the crux of a recent debate highlighted in a tweet from crypto journalist Laura Shin.

Shin, host of the popular Unchained podcast, shared a clip from episode 907 featuring Haonan Li, co-founder and CEO of Codex. In the tweet, she captures a key insight: while many in the industry emphasize business development (BD) as crucial for adoption, Li argues that Ethereum's success didn't come from aggressive outreach. Instead, its neutrality drew in builders organically. Check out the original tweet for the full clip.

For those new to the jargon, let's break it down. A Layer 2 (L2) is a secondary network built on top of a main blockchain like Ethereum, designed to handle transactions faster and cheaper while inheriting the security of the base layer. General-purpose chains, like Ethereum itself or competitors such as Solana, support a wide range of applications—from NFTs to smart contracts. In contrast, a stablecoin-only L2, like what Codex is building, focuses exclusively on stablecoins, optimizing for payments, transfers, and financial operations without the clutter of other token types.

Li's point about Ethereum's neutrality is spot on. Ethereum didn't go around cold-calling developers or projects to build on it. Its open, permissionless nature—where anyone can deploy code without favoritism—created a magnetic field that attracted innovators. This organic growth led to a thriving ecosystem, including the meme token craze we've seen on networks like Base or Solana. As Li explains in the debate against Justin Bons of Cyber Capital, this neutrality is why a specialized L2 for stablecoins could outshine broader chains. By staying focused and neutral, it avoids the pitfalls of fragmentation, where too many competing features dilute efficiency.

Why does this matter for meme token enthusiasts? Meme coins thrive on liquidity and quick trades, often pairing with stablecoins like USDC or USDT. A dedicated stablecoin L2 could mean lightning-fast, low-cost swaps, reducing the gas fees that eat into profits during hype cycles. Imagine trading your favorite dog-themed token without worrying about Ethereum's congestion—Codex aims to make that a reality with features like stablecoin gas abstraction, where fees are paid in dollars, not volatile crypto.

Codex, backed by investors like Dragonfly and having raised over $15 million, is positioning itself as the go-to infrastructure for enterprise-grade stablecoin use. Li, with his background at Optimism (another Ethereum L2), brings expertise in scaling solutions. In the podcast, the debate touches on whether stablecoin chains should be independent L1s (like some alt-chains) or L2s tied to Ethereum. Li champions the L2 approach, arguing it leverages Ethereum's security and neutrality while specializing in what stablecoins do best: reliable, everyday transactions.

The discussion also explores real-world implications, such as Stripe's Tempo, a permissioned stablecoin system, and the dream of protocol-native stables. For blockchain practitioners, this isn't just theory—it's about building a universal electronic cash system that could integrate meme economies with stable finance.

Replies to Shin's tweet echo the sentiment. One user noted, "Neutrality quietly invited builders and Ethereum's momentum grew from organic interest rather than aggressive outreach." Another added, "Magnetic field > cold calls," highlighting how inherent appeal trumps forced promotion.

As meme tokens continue to capture retail imagination, underlying tech like stablecoin L2s ensures the ecosystem's sustainability. If Li's vision pans out, we might see a new era where stability and speculation coexist seamlessly on optimized chains. For more on this debate, tune into the full Unchained episode. What's your take—L2 or L1 for stablecoins?