Polygon Labs CEO sees layer-3s like new Degen Chain as a risk to Ethereum
Polygon Labs CEO sees layer-3s luxuriate in fresh Degen Chain as a likelihood to Ethereum Polygon Labs CEO sees layer-3s luxuriate in fresh Degen Chain as a likelihood to Ethereum
Polygon CEO warned that layer-3 networks can also threaten Ethereum's security.
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Polygon’s CEO Marc Boiron emphatically acknowledged that the layer-2 community changed into not brooding about establishing layer-3 protocols thanks to the probably dangers they pose to Ethereum’s security.
Boiron made this assertion on the support of the early success of Degen Chain, a layer-3 community working on the Coinbase-backed scaling resolution Unsuitable.
Layer 3 protocols toughen scalability by building upon Layer 2 infrastructure, permitting builders to tailor software program-specific blockchains to their requirements.
Degen Chain
Degen Chain is a layer-3 community constructed utilizing Arbitrum Orbit for the DEGEN token. The digital asset has impulsively emerged because the main neighborhood token among Farcaster customers, the out of the blue expanding web3 social media platform.
Since its launch on March 28, the community has captured significant consideration and transactional process inner the crypto trade, witnessing a courageous surge of over 200% in the past week.
Readily available recordsdata implies that the community has facilitated the bridging of larger than $30 million, alongside powering over 3.5 million transactions as of March 30.
Community debates layer-3
Degen Chain’s early successes possess attracted debates from the crypto neighborhood, who protect differing views about the community.
In a March 31 put up on X (beforehand Twitter), Boiron asserted that layer-3 networks divert fee from Ethereum onto the layer-2 platforms web web hosting them.
In accordance to him, this type of trajectory doesn’t align with Polygon’s dedication to Ethereum’s scaling, which the firm already addresses through its proof-of-stake (PoS) and zero-knowledge Ethereum Digital Machine (zkEVM) chains.
Additionally, Boiron identified the probably negative outcomes of layer-3 adoption, highlighting their minimal performance enhancements and the looming likelihood to Ethereum’s security. He acknowledged:
“If all L3s settled to one L2, then Ethereum would clutch in most cases no fee and, thus, Ethereum security would be at likelihood.”
He added:
“If Ethereum earns no charges and has no prospect of earning charges other than a little amount of charges from this one L2, then the fee of ETH will drop and, when it's some distance obvious that itâll continue to drop because there's no such thing as a financial future for it, validators will no longer be keen to protect ETH and, thus, no longer be keen to stable the community.”
In the intervening time, blockchain skilled Cygaar defined that layer-2 networks are not but “matured” and possess but to inherit Ethereum’s security stage thanks to existing challenges luxuriate in community centralization, upgradeable bridge contracts, and establishing proving methods.
As a consequence, he argued that integrating layer-3 networks atop layer-2s can also exacerbate dangers and compromise the protection of these blockchain networks.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's probably. He imparts insights on a fluctuate of themes luxuriate in DeFi, hacks, mining and culture, underlining transformative energy.
Liam 'Akiba' Wright
In most cases is named "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the probably to acquire fresh sure exchange.
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Ethereum is a decentralized, birth-source blockchain platform that enables the creation of spruce contracts and decentralized applications (DApps).
Polygon, a eminent layer 2 scaling resolution on Ethereum, has emerged as a multifaceted and scalable platform, bettering the Ethereum ecosystem’s capabilities.
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Coinbase is a digital currency exchange and wallet service that enables folks to aquire, sell, and store digital currencies, akin to Bitcoin, Ethereum, and Litecoin.
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