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Chief Govt Officer (CEO) of Polygon Labs Marc Boiron has expressed unfavorable sentiment in direction of Layer 3 (L3) networks, arguing the necessity for and implications of options for scaling Ethereum – the second-largest cryptocurrency asset.
Polygon CEO claims Layer 3 devalues Ethereum
in sizzling Dialog On the X platform, Marc Boiron claimed that these Layer 3 networks pose a possible danger to Ethereum's worth. Polygon's CEO careworn that the primary function of L3s is to devalue ETH and the Layer 2s that function the bottom. layer 3s,
Because of this, Boiron believes that Layer 3 is just not wanted for Ethereum to scale. For the reason that L3 community doesn’t have to scale present networks, Boiton introduced that Polygon Labs won’t work on the community.
L2 options cut back community congestion via the diversion of transactions from the primary chain. Moreover, they supply dependable advantages by transmitting transactions to the primary chain.
Alternatively, L3s can assure cross-chain connections between a number of protocols. Successfully, they will additionally assist Layer-1 and Layer-2 community communications.
It seems that the Polygon CEO's claims have drawn loads of criticism from the crypto group. A pseudonymous
Whereas Boiron agreed with the person that L2s are Ethereum, he disagreed with the notion that the L2 worth is the ETH worth. In keeping with Polygon CEO, if all L3 stablecoins turn out to be one, ETH could have basically no worth layer 2, Because of this, Ethereum's safety might be compromised and it will likely be unsafe.
He then emphasised the potential risks and penalties of extreme devaluation of cryptocurrencies by these L3s. “If Ethereum earns no charges and there’s no chance of incomes charges apart from a small quantity of charges from this L2, the worth of ETH will collapse,” he mentioned.
On condition that it has no financial future, he believes it’s clear that it’s going to proceed to say no; Due to this fact, the need to each maintain ETH and safe its community will fade amongst validators.
Advantages of Layer 3 Options
Insights from the Polygon CEO recommend that Layer 3 networks don’t present any main advantages to the cryptocurrency panorama. Nonetheless, one of many group members accountable for development is Peter Hammond EthereumScaling options have highlighted most of the advantages of L3 options.
In keeping with Hammond, these networks don’t devalue ETH in any method, whereas drawing consideration to Potuz's publish highlighting a few of the benefits of L3S. These embrace the decrease price of native bridging versus L2 L1Minimal price of problem video games or proving on the chain by enjoying video games in L2 as an alternative of L1, customized gasoline tokens and extra.
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