Ethereum

2024

Polygon

<p>In a recent conversation on social media platform X, Polygon CEO Marc Boiron expressed strong criticism towards the increasing popularity of Layer 3 networks. According to Boiron, he believes that L3s are not essential for Ethereum’s scalability and could potentially burden the network instead.</p> 
<h3 id="l3s-take-value-away-from-ethereum">L3s Take Value Away From Ethereum</h3> 
<p>Boiron asserted that L3s primarily function to divert value away from Ethereum and onto the <a href="https://coingape.com/ethereums-layer-2-ecosystem-tops-37b-leaves-competitors-behind/" target="_blank" rel="noopener">Layer 2 solutions</a> (L2s) they are built upon. He emphasized that scaling Ethereum does not necessitate the implementation of L3s.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">I’ll say the quiet part out loud: L3s exist only to take value away from Ethereum and onto the L2s on which the L3s are built. </p> 
 <p>*You do not need L3s to scale*</p> 
 <p>And this is why Polygon Labs does not work on L3s.</p> 
 <p>— Marc Boiron (@0xMarcB) <a href="https://twitter.com/0xMarcB/status/1774551016937324949?ref_src=twsrc%5Etfw">March 31, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Boiron further explained that Polygon Labs does not engage in the development of L3s. While acknowledging the significance of L2s in the Ethereum network, he disagreed with the notion that L2 value equates to Ethereum value. He illustrated the potential risk to Ethereum’s security if all L3s settled on a single L2, as it would diminish Ethereum’s value capture and jeopardize its economic sustainability.</p> 
<p>In Boiron’s view, if Ethereum ceased to generate fees and lacked prospects for fee generation beyond a single L2, the value of ETH would decline. This scenario could lead validators to lose confidence in ETH, resulting in a decline in network security as validators withdraw from securing the network.</p> 
<h3 id="debate-over-the-benefits-of-l3s-grow">Debate Over the Benefits of L3s Grow</h3> 
<p>Peter Haymond, one of the community members responsible for building scaling solutions for Ethereum argued that Layer 3s come with a bunch of benefits and don’t take away value from Ethereum necessarily.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">There’s a bunch of benefits for L3’s. They don’t take away value from Ethereum. <a href="https://t.co/IFD6cvzKzk">https://t.co/IFD6cvzKzk</a></p> 
 <p>— Peter Haymond <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6e1.png" alt="🛡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@peterhaymond) <a href="https://twitter.com/peterhaymond/status/1774563196147569073?ref_src=twsrc%5Etfw">March 31, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Boiron highlighted several factors regarding the benefits of Layer 2 (L2) solutions, emphasizing the importance of native bridging’s low cost. While acknowledging its advantages, he also noted the economic and security costs associated with relying on other bridges, which could result in delays in the use of capital or require payments for expedited capital usage.</p> 
<p>Additionally, he questioned the perceived benefits of a low cost of challenge or proving, suggesting that it might not hold true given proof aggregation. Similarly, Boiron dismissed the notion of custom gas token as a true benefit, pointing out its availability for L2s on Polygon CDK.</p> 
<p>Finally, he categorized other potential benefits as not truly exclusive to L2s, as they are also available for L2s, as previously mentioned.</p> 
<p>The post <a href="https://coingape.com/polygon-labs-ceo-attacks-layer-3-networks-saying-they-devalue-ethereum/">Polygon Labs CEO Slams Layer 3 Networks, Saying They Devalue Ethereum</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Polygon Labs CEO Slams Layer 3 Networks, Saying They Devalue Ethereum

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