Polygon Labs CEO: Ethereum (ETH) Might Lose Value to L3

Mon, 1/04/2024 – 15:11

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Known as one of the most versatile protocols when it comes to evolution, Ethereum (ETH) innovators are now making a push to launch layer-3 blockchain networks. Commenting on the new trend, Polygon Labs CEO Marc Boiron has castigated the move, noting that L3s will not form a path to properly scale Ethereum.

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Polygon will not join trend

In the post shared by Marc Boiron, it is clear that Polygon Labs will not be jumping on the bandwagon in developing a layer-3 solution. Polygon itself is a layer-2 scaling solution built on Ethereum, but in Boiron’s opinion, attempts to push these developmental strides further might make Ethereum’s value drop altogether.

The development of L3s might not entirely be bad for L2 protocols, as the Polygon Labs CEO noted that the new scaling products will consolidate their value on L2, just as protocols like Polygon returned value to Ethereum.

Should the L3 narrative be pursued as is currently the trend, Marc Boiron believes it will limit the security covering that Ethereum offers, a situation that will not be favorable in the long run.

Many community members disagreed with this stance, as some pointed out that Polygon already favors the development of L3 projects like Orbs, Lens and Bonsai. In Polygon’s defense, Boiron noted that anyone can build anything on Polygon’s innovations, but the proper thing to do is to share the value accruable with Ethereum.

Polygon’s innovations are nonintrusive

Polygon is the pioneering layer-2 protocol on Ethereum, and since its inception, it has introduced a number of new protocols that have changed the game in the industry. 

One of these innovations is the Polygon zkEVM protocol, through which it hopes to establish a more solid footing in the decentralized finance (DeFi) ecosystem.

Polygon also boasts of the Polygon CDK engine, a tool that has powered other key chains like Lumoz’s StableNet.

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