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Did Vitalik Just Ding L2s? (Patreon)

Published:
2024-02-26 04:43:21
Imported:
2024-02
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For years, I have expressed my disdain for Layer 2 solutions, arguing that they are flawed in many ways - too many of them, complexity, latent finality, value capture and so on.  Occam's Razor was the answer. Now, with Vitalik's recent statement, it seems that my concerns have been validated!


h/t Sanjay

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Anonymous

Got out of my Matic and ETH positions based off the simple thesis that people love cheap rates and they don't like complexity. I think it is becoming more and more apparent that ETH was great tech 3-5 years ago, but Solana and new L1 solutions will be more appealing to the general public. IA has been saying this since I first started watching. To Vitalik's credit, he really is about the tech and is not afraid to share his perceived flaws with his own creation.

Anonymous

The funny thing is he says that after pivoting away from scaling native ETH to focusing instead on ETH "upgrades" that will (a) shift focus to ETH L2s as the use layer and (b) focusing on ETH-native upgrades that are pump-centric rather than scaling-centric/improving native ETH functionality. I will say it's worked for pumping the bags. But he recognizes the technical pitfalls in relying on L2s to bear the burden, but still goes that way since the ETH Foundation Central Committee Politburo ("we're decentralized bro") is mainly narrative-event-focused (this is not unwise btw. They know what drives the crypto markets and they play it like a violin. It's just not a focus on improving functionality, it's a focus on creating narratives to drive price; see also "ETH is deflationary now" - that was and is a "price narrative" not a "scalability and usability" upgrade).