Polygon Labs CEO sees layer-3s like new Degen Chain as a threat to Ethereum

Polygon’s CEO Marc Boiron emphatically said that the layer-2 community was not contemplating creating layer-3 protocols due to the potential dangers they pose to Ethereum’s safety.

Boiron made this assertion on the again of the early success of Degen Chain, a layer-3 community operating on the Coinbase-backed scaling resolution Base.

Layer 3 protocols improve scalability by constructing upon Layer 2 infrastructure, permitting builders to tailor application-specific blockchains to their necessities.

Degen Chain

Degen Chain is a layer-3 community constructed utilizing Arbitrum Orbit for the DEGEN token. The digital asset has swiftly emerged as the first group token amongst Farcaster customers, the quickly increasing web3 social media platform.

Since its launch on March 28, the community has captured substantial consideration and transactional exercise inside the crypto business, witnessing a formidable surge of over 200% previously week.

Accessible knowledge signifies that the community has facilitated the bridging of greater than $30 million, alongside powering over 3.5 million transactions as of March 30.

Group debates layer-3

Degen Chain’s early successes have attracted debates from the crypto group, who maintain differing views in regards to the community.

In a March 31 submit on X (previously Twitter), Boiron asserted that layer-3 networks divert worth from Ethereum onto the layer-2 platforms internet hosting them.

In accordance with him, such a trajectory doesn’t align with Polygon’s dedication to Ethereum’s scaling, which the corporate already addresses by its proof-of-stake (PoS) and zero-knowledge Ethereum Digital Machine (zkEVM) chains.

Moreover, Boiron identified the potential opposed results of layer-3 adoption, highlighting their minimal efficiency enhancements and the looming risk to Ethereum’s safety. He stated:

“If all L3s settled to at least one L2, then Ethereum would seize mainly no worth and, thus, Ethereum safety could be in danger.”

He added:

“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 and, when it’s clear that it’ll proceed to drop as a result of there isn’t any financial future for it, validators will not be keen to carry ETH and, thus, not be keen to safe the community.”

In the meantime, blockchain professional Cygaar defined that layer-2 networks usually are not but “matured” and have but to inherit Ethereum’s safety degree due to present challenges like community centralization, upgradeable bridge contracts, and creating proving programs.

Consequently, he argued that integrating layer-3 networks atop layer-2s might exacerbate dangers and compromise the safety of those blockchain networks.

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