Chief Government Officer (CEO) polygon lab Marc Boiron expressed destructive sentiment in the direction of Layer 3 (L3) networks, arguing concerning the want and influence of options that broaden the second-largest cryptocurrency asset, Ethereum.
Polygon CEO claims Layer 3 is devaluing Ethereum
in a heated dialogue On the X platform, Marc Boiron claimed that these layer 3 networks pose a possible danger to the worth of Ethereum. Polygon CEO claimed that the principle goal of L3 is to devalue ETH and the underlying Layer 2. Degree 3.
Due to this fact, Boiron believes that layer 3 just isn’t wanted to scale Ethereum. Since L3 networks don’t require growth of present networks, Boiton introduced that Polygon Labs is not going to function on these networks.
L2 options scale back community congestion by offloading transactions from the principle chain. Moreover, they supply dependable advantages by transmitting transactions to the principle chain.
Alternatively, L3 can assure cross-chain connections between a number of protocols. In reality, they could additionally assist Layer 1 and Layer 2 community communications.
The Polygon CEO’s feedback seem to have drawn robust criticism from the crypto neighborhood. An nameless
Though Boiron agrees with the consumer’s view that L2 is Ethereum, he disagrees with the view that the worth of L2 is the worth of ETH. In line with Polygon’s CEO, if all L3 settled into one, ETH would primarily achieve no worth. Tier 2. Because of this, Ethereum’s safety shall be compromised and susceptible to assault.
He then highlighted the risks and penalties that would come up from extreme devaluation of those L3 cryptocurrencies. “If Ethereum would not earn any charges, and has no hope of incomes any charges apart from a small price from this L2, then the worth of ETH will fall,” he mentioned.
On condition that it has no financial future, he believes it’s apparent that it’s going to proceed to fall; due to this fact, the willingness of validators to carry ETH and defend their community will weaken.
Benefits of Layer 3 Options
The Polygon CEO’s insights counsel that Layer 3 networks is not going to convey any important advantages to the cryptocurrency area.Nevertheless, Peter Haymond, one of many neighborhood members chargeable for creating Ethereumprolonged options, highlighting the various benefits of L3 options.
Haymond said that these networks is not going to devalue ETH in any method, whereas drawing consideration to a publish by Potuz that highlighted among the benefits of L3.These embrace the decrease value of native bridging from L2 as an alternative of L1problem the sport or play the sport in L2 as an alternative of L1, the bottom value for on-chain proof, customized Fuel tokens, and many others.
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