Solana co-founder Anatoly Yakovenko cast doubt on the decentralization and security of Ethereum’s Layer 2 (L2) scaled networks during a heated debate on Sunday.
Layer 2 scaled networks have a huge attack surface and codebases so immense that they cannot be properly checked for software errors. User funds can also be transferred from L2, which relies on storing multiple signatures, without users’ consent, Yakovenko in addition.
“The claim that Layer 2 inherits the security of ETH is incorrect” – Yakovenko he said during the debate. He argued:
“5 years after the launch of the L2 roadmap, the ETH wormhole on Solana carries the same worst-case risk as ETH at the base and generates the same amount of revenue for ETH L1 players. This is bad no matter how you slice it.”
The discussion around Ethereum’s Layer 2 scaling networks continues as developers, investors, and industry executives debate whether Layer 2 networks benefit or harm Ethereum’s Layer 1 blockchain.
Related: Ethereum’s Layer 2 Outperforms Cryptocurrency After $19 Billion Crash
Are there too many layer 2 Ethereum networks?
By: As of this writing, there are 129 verified Layer 2 Ethereum networks L2Beatand 29 scaling networks that have not yet been verified on the website.
According to them, the blockchain industry has about 10 times more L2 than needed
Adrian Brink, co-founder of Anoma, a layer 1 blockchain protocol.
You can never have too much L2, argues Igor Mandrigin, co-founder of Web3 and blockchain infrastructure provider Gateway.fm.
The explosion of the L2 network is a vigorous sign for Ethereum, signaling network growth and increased diversity in the ecosystem, Mandrigin said.
Anurag Arjun, co-founder of Avail, a unified Polygon Layer-2 blockchain and network abstraction solution, agrees and told Cointelegraph that each Ethereum L2 represents a high-bandwidth blockchain, giving Ethereum multiple high-bandwidth options.
However, according to Binance Research, the proliferation of Layer 2 networks is cannibalizing revenues in Ethereum’s base layer.
These networks fragment liquidity and absorb revenues in the underlying layer due to low transaction fees compared to transactions on the layer 1 blockchain, the researchers wrote.
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