The Chief Government Officer (CEO) of Polygon Labs Marc Boiron, has expressed a unfavorable sentiment in the direction of layer 3 (L3) networks, arguing the need and implications of the options for scaling Ethereum – the second largest cryptocurrency asset.
Polygon CEO Claims Layer 3 Devalues Ethereum
In a heated dialog on the X platform, Marc Boiron claimed that these layer 3 networks pose a possible danger to the worth of Ethereum. The Polygon CEO asserted that the main function of L3s is to devalue ETH and the layer 2s that function the muse for layer 3s.
Consequently, Boiron believes that layer 3 shouldn’t be required to scale Ethereum. Since L3 networks aren’t required to scale present networks, Boiton has declared that Polygon Labs is not going to function on the networks.
L2 options scale back community congestion by means of the diversion of transactions from the principle chain. Moreover, they supply dependable advantages by transmitting the transactions to the principle chain.
Then again, L3s can assure cross-chain connections between a number of protocols. Successfully, they may additionally assist layer-1 and layer-2 community communication.
The Polygon’s CEO claims seem to have attracted a lot criticism from the crypto group. A pseudonymous X person disagreed with Boiron, saying that there isn’t any such factor as taking away worth from the asset and onto the L2s, as L2s on ETH are worth Ethereum.
Whereas Boiron agreed with the person that L2s are Ethereum, he disagrees with the notion that L2 worth is ETH worth. In keeping with the Polygon CEO, ETH will primarily acquire no worth if all of the L3s settle to a single layer 2. Consequently, the safety of Ethereum will likely be compromised and will likely be susceptible.
He then emphasised the potential risks and penalties of those L3s devaluing the cryptocurrency excessively. “If Ethereum earns no charges and has no prospect of incomes charges apart from a tiny quantity of charges from this one L2, then the worth of ETH will drop,” he acknowledged.
On condition that it has no financial future, he believes it’s apparent that it’ll preserve falling; due to this fact, each the willingness to carry ETH and to guard its community will fade amongst validators.
Advantages Of Layer 3 Options
The Polygon CEO’s insights recommend that layer 3 networks don’t present any main advantages to the cryptocurrency panorama. Nevertheless, Peter Haymond, one of many group members in command of creating Ethereum‘s scaling options, has spotlighted a number of advantages of L3 options.
In keeping with Haymond, these networks don’t devalue ETH in any method, whereas drawing consideration to Potuz’s submit highlighting a few of the benefits of L3s. These embrace the low value of native bridging from L2 versus L1, the minimal value of a problem recreation or proving on the chain by enjoying the sport in L2 slightly than L1, customized gasoline tokens, and others.
